Forums
New posts
Search forums
What's new
Articles
Latest reviews
Author list
Classifieds
Log in
Register
What's new
Search
Search
Search titles and first posts only
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Forums
Chatting and General Stuff
General Discussion
Furlough again ...
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="edge" data-source="post: 859061" data-attributes="member: 5030"><p><a href="http://moneyover55.about.com/od/iras/qt/Ira-Early-Withdrawal-Penalty.htm" target="_blank">IRA Early Withdrawal Penalty</a></p><p></p><p>"An IRA early withdrawal penalty is assessed on IRA withdrawals taken before you reach age 59 ½.</p><p></p><p>How does the IRA early withdrawal penalty work? Here's an example:</p><p></p><p>Suppose you are age 54 and you take $10,000 from your traditional IRA. </p><p></p><p>The $10,000 shows up as income on the first page of your tax return.</p><p>This income is included along with all other sources of income to determine the total amount of tax owed for the year.</p><p>The amount of tax owed on the $10,000 will depend on your income tax rate, which is determined by your total income and deductions.</p><p>In addition to tax on the $10,000 early withdrawal, a 10% penalty tax is assessed on the withdrawal.</p><p>In this scenario that would be an additional $1,000 of tax owed in addition to your ordinary income taxes."</p><p></p><p>edge.</p></blockquote><p></p>
[QUOTE="edge, post: 859061, member: 5030"] [url=http://moneyover55.about.com/od/iras/qt/Ira-Early-Withdrawal-Penalty.htm]IRA Early Withdrawal Penalty[/url] "An IRA early withdrawal penalty is assessed on IRA withdrawals taken before you reach age 59 ½. How does the IRA early withdrawal penalty work? Here’s an example: Suppose you are age 54 and you take $10,000 from your traditional IRA. The $10,000 shows up as income on the first page of your tax return. This income is included along with all other sources of income to determine the total amount of tax owed for the year. The amount of tax owed on the $10,000 will depend on your income tax rate, which is determined by your total income and deductions. In addition to tax on the $10,000 early withdrawal, a 10% penalty tax is assessed on the withdrawal. In this scenario that would be an additional $1,000 of tax owed in addition to your ordinary income taxes." edge. [/QUOTE]
Insert quotes…
Verification
Post reply
Forums
Chatting and General Stuff
General Discussion
Furlough again ...
Top