How much will I be penalized if I have my NYS retirement fund sent to me directly? It is for $1,765.00 I'm no longer a teacher

[VolvoGirl]

What do you mean?  Where's it going now?  Is that the monthly pension amount?

[Critter]

Is that the sum total that is in the account ?  And you are going to liquidate it ? How old are you ?

[jricotta81]

That is the total amount in the NYS Retirement. I'm 37 and when I was teaching over 10 years ago that is how much I contributed to the retirement. It has just been sitting there for the past 10 years.

[Critter]

Ok ... you will pay taxes at whatever tax rate you are in ... this is probably not enough to push you into a higher bracket ... plus a 10% penalty plus state taxes if your state.  Expect to lose 20%  to 40% to taxes.