Took out 1000 out of my ROTH IRA ..single, no children...no income in 2007. Alread had the 10% penalty taken out. How much in tax (dollars) would i have to pay when i take 1000 dollars. ( I already know it's bad to take out money off of any retirement fund, but have no choice due to medical hardship).
anways, wondering how much in tax i have to pay when i take out 1000 dollars.
2007-11-19 23:02:08 · 2 answers · asked by modernlifeisrubbish 2 in Business & Finance ➔ Taxes ➔ United States
Depends on your tax bracket. Might be around 30%
2007-11-19 23:19:09 · answer #1 · answered by Flatpaw 7 · 0⤊ 2⤋
There isn't a set amount. The amount of Federal and State tax you have to pay depends on your tax bracket. Since you said that you had "no income in 2007" you may not have to pay taxes on the $1000. You don't have to file if you make under a certain amount for the year. With no income for 2007, is someone claiming you, when they file their taxes?
The best way to find out for sure, if any tax is due, is to talk to the IRS, or maybe a CPA, and explain your situation.
2007-11-20 07:29:41 · answer #2 · answered by grahod 4 · 0⤊ 0⤋