topic I am pulling out my teachers retirement early from texas it is about 8900. how much I will be taxed? Also can it wait before being taxed the 20% federal withholding? in Retirement tax questions

I am pulling out my teachers retirement early from texas it is about 8900. how much I will be taxed? Also can it wait before being taxed the 20% federal withholding?

cssk2011 — Sat, 01 Jun 2019 00:50:10 GMT

I am not planning on rolling it over. I would like to know if I can request that they not take the 20% out and I will have the taxes taken out of my tax refund.

According to a TRS publication, the 20% is mandatory : "R...

SteamTrain — Sat, 01 Jun 2019 00:50:12 GMT

According to a TRS publication, the 20% is mandatory :

"Refunded amounts that represent tax-sheltered contributions are subject to a mandatory 20 percent federal income tax withholding unless you elect to roll over all eligible amounts to another qualied plan or to a traditional Individual Retirement Account (IRA). A 10 percent early withdrawal penalty assessed by the Internal Revenue Service (IRS) may also be applicable. "

"https://www.trs.texas.gov/TRS%20Documents/request_refund.pdf

The tax depends upon your overall tax situation for 2016....

SweetieJean — Sat, 01 Jun 2019 00:50:17 GMT

The tax depends upon your overall tax situation for 2016. Try this estimating tool:

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/