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p_p_56
New Member

If I am 60 do I have to pay additional tax on money I withdrew from my IRA the bank withheld 10%

 
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VolvoGirl
Level 15

If I am 60 do I have to pay additional tax on money I withdrew from my IRA the bank withheld 10%

You won't have the 10% Early Withdrawal Penalty for being under 59 1/2.  But after you add the withdrawal to your other income the 10% the bank took out may not be enough and you might owe more.

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VolvoGirl
Level 15

If I am 60 do I have to pay additional tax on money I withdrew from my IRA the bank withheld 10%

You won't have the 10% Early Withdrawal Penalty for being under 59 1/2.  But after you add the withdrawal to your other income the 10% the bank took out may not be enough and you might owe more.
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