Question

What are the taxes on withdrawing from an ira account? what are the "break" points...i.e. how much are you taxed at each level of withdrawal?

Forum|Forum|3 years ago
June 17, 2022
2 replies
0 views

this is not a roth ira, just a standard ira.

TurboTax Online

IRA distributions are taxed like any other ordinary income and the tax brackets you are taxed by depends on all of the income you report on your tax return. Brackets start with zero and go up to 35%.

SteamTrain

Employee

Here's one list for 2022 income:

2022 Tax Brackets and Federal Income Tax Rates | Tax Foundation

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But remember that is for total "Taxable Income" meaning, after Std or itemized deductions have been subtracted.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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xmasbaby0

Employee

You have not mentioned your age. If you are younger than 59 1/2 then you are also subject to a 10% early withdrawal penalty -- with some exceptions like using a withdrawal of up to $10K for a down payment on a home.

**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.**