Employees may be subject to a ﬁne of up to 25 percent of the amount withdrawn for early withdrawal from a SIMPLE.

Name: Employees may be subject to a ﬁne of up to 25 percent of the amount withdrawn for early withdrawal from a SIMPLE.
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Question

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This is true. According to IRS rules, employees who withdraw funds from a SIMPLE (Savings Incentive Match Plan for Employees) before the age of 59 1/2 may be subject to a penalty of up to 25 percent of the amount withdrawn.

Employees May Be Subject to a ﬁNe of Up to 25