Retirement tax questions

If you take money out of your retirement account you will receive a 1099R in late January/early February which you will have to enter on your 2022 tax return.   The amount of tax you owe will depend on the total amount of your income for the tax year, not just on the amount you take from the IRA.   You can have the custodian of the account withhold a percentage for you just like you have your employer withhold federal tax from your paychecks.  At tax time, the software will calculate how much tax you owe--or if you are getting a refund.

**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.**