TAKING OUT TRADITIONAL IRA WHEN YOU ARE 59 1/2 ,,HOW MUCH TAXES CAN I PLAN ON IRS TAKING OUT? I AM TAKING OUT TO PAY MY HOUSE OFF ...ABOUT 40 THOUSAND ?

[Bsch4477]

Your traditional IRA withdrawal, assuming that your contributions were pretax, will be taxed at your marginal tax rate. When you ask for the withdrawal most institutions will ask how much you would like withheld for federal and state tax. 

[xmasbaby0]

If you take money out of your retirement account you will receive a 1099R in late January/early February which you will have to enter on your 2022 tax return.   The amount of tax you owe will depend on the total amount of your income for the tax year, not just on the amount you take from the IRA.   You can have the custodian of the account withhold a percentage for you just like you have your employer withhold federal tax from your paychecks.  At tax time, the software will calculate how much tax you owe--or if you are getting a refund.

[Opus 17]

In general, most people in your situation will pay 22% federal income tax, but it could be higher.  State tax rates depend on your overall income and your state and range from 3-13%.  For an estimate of your federal taxes, use the IRS calculator.

https://www.irs.gov/individuals/tax-withholding-estimator

[dmertz]

The default tax withholding is 10%, but 10% might not be enough to cover the marginal tax rate on this distribution so you might want to have more taken out.  Your options are to have the default 10% withheld, nothing withheld or more than 10% withheld, but having less than an amount corresponding to your marginal tax rate withheld might result in an underpayment penalty when you file your tax return.