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Retirement tax questions
I did some quick calculations for you based on the other answer of 20% and 5%. Take out about 34,000 to cover 6250 federal tax and 1315 state tax plus I added a little more to account for tax on the new increased amount. And be aware the increase in income may push you into a higher tax bracket so you may owe more. Are you under 59 1/2? Then there is also a 10% Early Withdrawal Penalty on it.
‎September 1, 2021
8:23 AM