In Schwab's web site, I withdrew 80k from an inherited IRA to be in compliance with the distribution rules. In the process of doing so, Schwab's site suggested I withhold taxes at the same time. So it sent 26k to the feds and 12k approximately to the state. So for tax purposes, I withdrew 80k from my inherited IRA? Or I withdrew $118k?
Also the withholding amounts appear a bit excessive given W2 income of around 120k. Does it appear excessive to you?
