If I take out a lump sum one time payment from my portable pension plan how much taxes do I pay on $91,000

I am retiring at the end of August and I live in West Virginia

posted

Your tax bracket would depend on your filing status and any other income you might have. If you are not 59 1/2 when making the withdraw there is also a 10% penalty.

Many times taking out a large lump sum pushes you into a much higher income bracket that you are normally in and you end up paying more taxes due to the change in income tax bracket.

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