No Pledging. If you use a part of your SIMPLE IRA as security for a loan, that part is treated as a distribution and is included in your gross income. You may have to pay the 10% additional tax on early distributions.
Appears in 6 contracts
Sources: Simple Ira Custodial Account Adoption Agreement, Simple Ira Custodial Account Adoption Agreement, Simple Ira Custodial Account Adoption Agreement
No Pledging. If you use a part of your SIMPLE IRA as security for a loan, that part is treated as a distribution and is included in your gross income. You may have to pay the 10% additional tax on early distributions.
Appears in 2 contracts
Sources: Customer Agreement, Traditional Individual Retirement Custodial Account