Question

Ira with draw

Forum|Forum|3 years ago
August 24, 2022
1 reply
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I with drawled 118,000 from my Ira this year I will have to pay federal tax on that. Do you know about how much I will have to pay in tax or is there any way I can keep from paying as much tax on this

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N

NCPERSON1

@Plenhicks - the tax is ordinary income tax and there would be a 10% penalty if you were under the age of 59.5 at the time of the distribution from the IRA. It is challenging to provide you with an estimate as it would be dependent on your other income and the tax bracket you would be in.

There is also state income tax to consider if you live in a state that has an income tax.