Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
mildred1944-
New Member

Can you tell me how much percentage to take out of my withdrawal from my Ira account of 12,000 dollars

My 401k was rolled over into a Ira account this year and I’m withdrawing 12,,000 dollars I just need to know how much percentage to have them take out please
2 Replies
Bsch4477
Level 15

Can you tell me how much percentage to take out of my withdrawal from my Ira account of 12,000 dollars

You will pay at whatever your tax rate is for normal income. If it is a premature withdrawal the penalty is 10%. 

rjs
Level 15
Level 15

Can you tell me how much percentage to take out of my withdrawal from my Ira account of 12,000 dollars

The federal tax rate on your IRA withdrawal depends on your other income, among other factors. You can get a rough idea based on your 2020 tax return. On your 2020 Form 1040, what is your filing status and what is the amount of taxable income on line 15?


If it's an early withdrawal, the 10% penalty that Bsch4477 mentioned is in addition to the regular tax.


In most cases you will also have to pay state income tax on the IRA withdrawal. Every state has different tax rates and rules.

 

Dynamic AdsDynamic Ads
Privacy Settings
v