If I withdraw all funds from my traditional IRA before 59-1/2 years old, how do I calculate the federal income tax and 10% penalty I need to account for?

[kmarco40]

I have $31,009.48 in my IRA. I live in Illinois, so I wont be charged state income tax. I earn between $80,000-$95,000 a year, file as single, and have 1 dependant.

[Bsch4477 · Accepted solution]

You are in the 22% tax rate and in addition will have a 10% penalty on the withdrawal.