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georgia on my mind
Mar 16, 2007, 10:06 AM
I live in Georgia and might need to take an early withdrawal on my retirement account. Am I correct when I figure that it will be 32% since I will pay a mandatory 20% federal income tax withholding plus 10% early withdrawal fee plus 2% Georgia state tax withholding? Can this be right?!!!
Thanks,
Georgia on my mind
Fr_Chuck
Mar 16, 2007, 10:40 AM
Have you considered merely taking a loan out againt it ?
AtlantaTaxExpert
Mar 19, 2007, 11:01 AM
Yes, 32% is about right, but may be somewhat low. The actual tax can approach 50%.

The loan option that Fr Chuck recommends seems to make more sense to me!