I inherited a 313k ira from my grandmother, I live in nys. I'm married filing jointly with 2 kids under 16. I make about 110k a yr wife has no income. I was going to take a lump sum. So I pretended I was filing a tax a return put my info in and federal wants 88k and state wants 23k this is absolutely sickening if correct. That's almost 50% even if I took half now and half next year it only save me about 10k I don't understand how they can take all that money it was inherited I didn't make it. Can someone please advise I have about 100k in debt I wanted to pay off. Can't ever get ahead tell you that.
