Do I have to pay Medicare or Social Security tax on an early IRA distribution?

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Do I have to pay Medicare or Social Security tax on an early IRA distribution?

I am aware of the 10% penalty and the need to pay applicable federal and state income tax on the distribution, but I'm wondering about Medicare and Social Security taxes. Thanks.

2007-01-06 15:44:18 · 3 answers · asked by GM 3Daddy 2 in Business & Finance ➔ Taxes ➔ United States

3 answers

No, you do not pay Medicare or Social Security on an IRA distribution, early or not. Same for pensions, annuities, life insurance, and other unearned income.

2007-01-06 15:47:29 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋

No, an IRA is already taxed for FICA (social security and medicare) before you put it in the account.

2007-01-06 17:35:42 · answer #2 · answered by Michael C 3 · 0⤊ 0⤋

No.

2007-01-06 17:08:12 · answer #3 · answered by Judy 7 · 0⤊ 0⤋