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New Member
posted Dec 17, 2019 1:32:12 PM

What are the tax consequences of cashing out ira when married filing jointly?

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1 Replies
Level 15
Dec 18, 2019 1:53:04 PM

Assuming the IRA was funded with pretax dollars and you file jointly the distribution is taxed at whatever your tax bracket is.  If your distribution was premature without an exception you will also pay a penalty.