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robbgumby
New Member

On my 2017 taxes, I took $30,842. out of a pension of mine. I know I have to pay a 20% tax, I paid $5,656. Does this include a 10% early withdrawal. I was over 59-1/2.

 
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Anonymous
Not applicable

On my 2017 taxes, I took $30,842. out of a pension of mine. I know I have to pay a 20% tax, I paid $5,656. Does this include a 10% early withdrawal. I was over 59-1/2.

no penalty.  20% is what is withheld.  what your actual tax liability will be on this depends on what bracket(s) you'll be in when you file.  . 

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2 Replies
Anonymous
Not applicable

On my 2017 taxes, I took $30,842. out of a pension of mine. I know I have to pay a 20% tax, I paid $5,656. Does this include a 10% early withdrawal. I was over 59-1/2.

no penalty.  20% is what is withheld.  what your actual tax liability will be on this depends on what bracket(s) you'll be in when you file.  . 

On my 2017 taxes, I took $30,842. out of a pension of mine. I know I have to pay a 20% tax, I paid $5,656. Does this include a 10% early withdrawal. I was over 59-1/2.

If you were over age 59 1/2 at the time of the withdrawal then there are no early withdrawal penalties.

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