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Revoke an IRA? Oh my!

Answered by: 

Question: 
What type of IRA can be revoked?
Answer: 

Traditional and Roth on the first deposit into your institution can revoke the IRA in the first 7 days. You give them back the deposit and no earnings but you do not charge a time deposit penalty. The customer cannot revoke rollovers, SEPs or SIMPLE contributions.

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First published on 12/27/2020

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