topic Re: Withdrawal in Retirement tax questions

Withdrawal

1qq13A — Thu, 05 Dec 2024 09:49:56 GMT

Want to withdraw 15,000 from my Traditional IRA (64yrs) how much will I have to pay in taxes from Ga

Re: Withdrawal

xmasbaby0 — Thu, 05 Dec 2024 13:26:35 GMT

No one can give you an accurate estimate since we have no other information from you regarding the amounts of other income you have. We do not know if you have income from working, pension income, etc etc.

You can use the taxcaster tool for your federal return. There is not a state estimating tool on this site.

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

Re: Withdrawal

dmertz — Thu, 05 Dec 2024 13:37:14 GMT

For 2024, GA changed to a flat 5.39% rate on individual taxable income. If you are already subject to income tax on your other taxable income and you have no basis in nondeductible traditional IRA contributions, I would expect that your $15,000 traditional IRA distribution in 2024 would be subject to $809 of additional GA income tax.