Level 15

Retirement tax questions

(if a 1099-R)  Average 15% is meaningless.  IF your prior income $$ had you already in the 22% tax bracket area...were you under 59.5 when you took the distribution?  then the ~30% assessed = (approx) 22% + 10% penalty  (if no taxes were withheld on the distribution).  OR maybe you were over age 59.5, and were up into the 24% and 32%  brackets already.




*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*