topic I am in need of withdrawing from my IRA before retirement age. Could you tell me how much taxes (%) to withhold for both Federal and State (GA)? Thanks in advance. in Retirement tax questions

I am in need of withdrawing from my IRA before retirement age. Could you tell me how much taxes (%) to withhold for both Federal and State (GA)? Thanks in advance.

jeamytuccitto — Mon, 23 Feb 2026 11:15:35 GMT

I am younger than 59 1/2, am unemployed, and need the funds to pay bills.

Re: I am in need of withdrawing from my IRA before retirement age. Could you tell me how much taxes (%) to withhold for both Federal and State (GA)? Thanks in advance.

Anonymous_ — Tue, 03 Jan 2023 17:42:59 GMT

Re: I am in need of withdrawing from my IRA before retirement age. Could you tell me how much taxes (%) to withhold for both Federal and State (GA)? Thanks in advance.

Opus 17 — Thu, 05 Jan 2023 01:24:37 GMT

First, you know that there is an additional 10% federal penalty for IRA withdrawals before age 59 1/2. Unemployment is not an exception to the penalty rule, however, if you are paying medical insurance premiums while unemployed, amounts you withdraw from the IRA to cover those premiums are exempt from the 10% penalty.

As for your regular income taxes, we can’t give you an exact answer because it depends on your filing status, number of dependents, itemized deductions, other income, and other tax factors. You can try using the IRS withholding calculator to estimate your taxes, since these withdrawals will be made in 2023, you have to think about your 2023 income tax.

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

In general, your federal tax rate is probably 12% or 22%, plus the additional 10% penalty. Georgia’s income tax rate is 5.75%. So I would have a minimum withholding of 22% federal and 5.75% Georgia. You might need to go as high as 32% federal, depending on your other income and how much you plan to withdraw.

Re: I am in need of withdrawing from my IRA before retirement age. Could you tell me how much taxes (%) to withhold for both Federal and State (GA)? Thanks in advance.

jeamytuccitto — Thu, 05 Jan 2023 00:13:31 GMT

Thank you so much for the information and the link. This is very helpful!