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k91shouse
New Member

I cashed in a $7500 IRA this year. On $2000 of it I did 10% withholding, and on $5500 of it i did 15% withholding. Will this hurt the amount i get back?

 
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1 Reply
MinhT
Expert Alumni

I cashed in a $7500 IRA this year. On $2000 of it I did 10% withholding, and on $5500 of it i did 15% withholding. Will this hurt the amount i get back?

The tax withheld on your IRA withdrawals are in fact an 'advance' on your federal tax due. When you file your tax return, the amount of your refund (or tax due) is the difference between your tax liability and the amount of tax withheld. The more you have withheld, the larger your refund. 

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