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Retirement tax questions
The 20% is just an estimate for withholding. The 1099R added to all your other income and may push you into a higher tax bracket. And there is the 10% Early Withdrawal Penalty. You can lose like 50% or more for federal and state taxes and penalties. And by adding more income it can decrease some credits you were getting. It can change many things on your return.
March 12, 2022
9:18 AM
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