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December 29, 2023
Question

How much tax is owed on $5,000 ira withdrawl

  • December 29, 2023
  • 1 reply
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1 reply

Employee
December 29, 2023

No one can answer that since we have no idea how much other income you had, nor do we know if it is an early withdrawal before you are 59 1/2 ---which would incur a 10% early withdrawal penalty.   Money you take out of your retirement account is taxable at your marginal tax rate---whatever that happens to be.

 

You will need to enter the 1099R for the money you took out and see how much tax is owed.

 

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

 

You can also try the Tax Caster tool to get an idea:

 

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**