I know I should roll it over. That's not my question. I think it's 30% but I'm not sure. Does anyone know?
2006-09-25 10:49:24 · 4 answers · asked by Tonya in TX - Duck 6 in Business & Finance ➔ Investing
Topic 558 - Tax on Early Distributions from Retirement Plans
http://www.irs.gov/taxtopics/tc558.html
I'll let you go to the link and read all the details instead of trying to paste here - it's from the irs site.
2006-09-25 11:03:58 · answer #1 · answered by sundance 2 · 0⤊ 0⤋
Generally, they deduct 20% but the total tax bill can be anywhere from 40-50% depending on what state you live in. In other words, you may ending owing the feds and the state more money when you file your taxes next year.
Bottom Line: Don't Cash It Out!
2006-09-25 17:59:57 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋
It depends on your amount vested and if you were investing on a pretax or after tax basis. No matter what around 20%. You will be charged an early penalty and those taxes you haven't paid yet. Roll it over unless you truly need the money.
2006-09-25 17:58:18 · answer #3 · answered by mattymomostl 3 · 0⤊ 0⤋
10 percent plus taxes
And it will be at a higher tax rate since your income will go up.
2006-09-25 18:55:29 · answer #4 · answered by Anonymous · 0⤊ 0⤋