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want2beamom
Love my boys soooo much!!!
Member since 8/06 10164 total posts
Name:
True love doesn't end with happily ever after...
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IRA question???
We opened an IRA with TFCU last year, at the advice of out tax guy because we owed a good chunk of money back to the state. Does anyone know what the penalty is for taking this money out? Or how I go about doing this? Thanks!
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Posted 6/4/09 11:55 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: IRA question???
i think 20% and you have to pay tax against it
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| Posted 6/4/09 11:58 AM |
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DayDay
Livin' the Good Life....
Member since 9/06 5939 total posts
Name:
Dayna
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Re: IRA question???
If you take a federal withholding when you take the money out, it won't be so bad on your taxes next year.. BUT.. I would take a minimum of 20% to be on the safe side
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| Posted 6/4/09 12:18 PM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: IRA question???
You will be taxed on the amount you take out at the same level as your other taxable income, so whatever tax bracket you're in for that year. On top of that, unless you qualify for an exemption, you'll be charged a 10% early withdrawal penalty fee.
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| Posted 6/4/09 12:34 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: IRA question???
I just cleared out a small one I had sitting there
it was 20%
I put money into another one- so I am hoping I can make it up by the end of the year- but I wanted to expand my business so it was this or ask the Bank of Dad for a loan- and I would rather pay the 20% then ask
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| Posted 6/4/09 2:04 PM |
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