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Jonas Kramer is 80 years old and has an IRA with a fair market value of $350,000. What penalty would he have incurred if he had made an early withdrawal of $25,000 to pay for a grandchild’s college education?
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Jonas Kramer is 80 years old and has an IRA with a fair market value of $350,000. What penalty would he have incurred if he had made an early withdrawal of $25,000 to pay for a grandchild’s college education?

User Fantastic Mr Fox
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Mr. Kramer will not have to pay any penalty, as he is older than 59 1/2 years old. Once you are older than this age, you do not have to pay a penalty on any withdrawals from your IRA, although income tax will be applied to the withdrawal. 
User Ali Kahoot
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