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as a new jersey resident under 59 1/2 you will have to withhold, or pay Estimated Tax of, 30% minimum.
That's what it costs you to invade your IRA in a year other than 2020.
Jeez 30%?!?! I only have $1300 in it and they keep charging me fees which is why I’m trying to withdrawal it. Almost pointless after 30% state and I believe 22% and another 10% penalty
Instead of withdrawing the money and paying taxes on an early distribution, you should consider finding a different financial custodian for your IRA that will not charge any custodial fees. Then, you can do a direct rollover to the new custodian without incurring any tax implications. Try checking into an online brokerage account to learn about their fees for IRA accounts.
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