If I withdraw $50,000 from my IRA to buy a house and I am 66 years old and my income is $27000 a year, how much tax do I pay on the $50,000?
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New Member

If I withdraw $50,000 from my IRA to buy a house and I am 66 years old and my income is $27000 a year, how much tax do I pay on the $50,000?

 
3 Replies
Level 7

If I withdraw $50,000 from my IRA to buy a house and I am 66 years old and my income is $27000 a year, how much tax do I pay on the $50,000?

Nobody can tell you because we don't know the source of your other income, your filing status, whether you have other items you can deduct, etc.

New Member

If I withdraw $50,000 from my IRA to buy a house and I am 66 years old and my income is $27000 a year, how much tax do I pay on the $50,000?

My other income is social security payments. I didn't have any deductions. filing status is single, no dependents,
Level 15

If I withdraw $50,000 from my IRA to buy a house and I am 66 years old and my income is $27000 a year, how much tax do I pay on the $50,000?

Try here:
<a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/lp/ty18/ppc/temp_1.htm?znA=c2xRzB4NM&znP=cmp&znC1=tcast">https://turbota...>
and remember State taxes as well.
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