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How much taxes for IRA early withdrawl?

Asked by: rdhouse 646 views YA Discussion

In 2013 I withdrew $ 13000 from my IRA plan. Actually, my uncle created the act. on my name. I want to give him the entire money. I don;t want to wait till I file for 2013 taxes. Would you be able to tell how much the taxes be. I asked the company they say there would definitely be 10% penalty for early withdrawal and others could depend on my income group and age. I am 37 and make $ 105,000 a year with full 401k contribution of $ 11,500 for 2012.

2 Answers

  1. falsi fiable on Mar 04, 2013 Reply

    10% early withdrawal penalty

    withdrawal also subject to 20% withholding (your withdrawal will ultimately be taxed as ordinary income next year)

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  2. Bostonian In MO on Mar 04, 2013 Reply

    You’re skirting the 28% tax bracket, so figure 38% total including the 10% early withdrawal penalty. Since only 20% will be withheld for taxes, you’ll need to come up with the other 18% our of the funds that you receive.

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