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If early withdrawal from IRA-there is usually 20% tax withholding required. Is the plan also required to withhold 10% penalty, or is that responsibility of the taxpayer?
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You will be responsible for the total income tax when the return is filed.
So when you withdraw money early from an IRA you will pay ordinary income tax it plus a 10% penalty. So I would have the correct taxes withheld when you do the IRA withdrawal as they cannot with amounts greater than 20% if requested.
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