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dwaltonbau
Level 1

How to calculate taxes for IRA withdrawal in 2021?

60K withdrawal in June 2021.  Do I need to increase my 3rd and 4th quarterly estimated tax payments to avoid tax penalty?
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‎August 25, 2021 4:19 PM
last updated ‎August 25, 2021 4:19 PM
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Bsch4477
Level 15
Level 15

How to calculate taxes for IRA withdrawal in 2021?

You will owe additional income tax at your marginal tax rate. If it is a premature withdrawal then you will owe a 10% penalty. 

‎August 25, 2021 4:22 PM
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