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What percentage should I withhold if making a withdrawal from my traditional IRA? I am 64 years of age and still employed full time.

Need advice on tax withholding for Traditional IRA withdrawal. Will have other taxable income. 64 years old.
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2 Replies

What percentage should I withhold if making a withdrawal from my traditional IRA? I am 64 years of age and still employed full time.

The withdrawal will be taxed at your marginal tax rate. Don’t forget state tax if applicable. 

What percentage should I withhold if making a withdrawal from my traditional IRA? I am 64 years of age and still employed full time.

@cherylnaamani you can estimate using this tool; it has not been updated for the BBB, but since you are not 65, is should be rather close.  Also, is the cost basis in the Trad IRA zero (in other words all the dollars are pre-tax dollars) 

 

https://www.dinkytown.net/java/1040-tax-calculator.html

 

 

 

 

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