Approximately what are the state and federal taxes in California for early withdraw from an Ira in per centage?
02518
2 Replies
VolvoGirl
Level 15
Jun 6, 2019 1:32:56 AM
It is taxed as ordinary income at your tax rate and may push you into a higher tax bracket. Then the federal has a 10% Early Withdrawal Penalty unless you have an exception to the penalty. I think California is 2% penalty.
MinhT
Expert Alumni
Jun 6, 2019 1:32:58 AM
If you do not qualify for any exceptions, Federal charges a 10% early withdrawal penalty and California charges a 2.5% early withdrawal penalty. This is on top of federal and state income tax.