IRA Early Withdrawal Timing for Penalty and Taxes

Question

Feb 9, 2007, 04:13 PM

avidInvestor

New Member

Join Date: Feb 2007

Posts: 1

IRA Early Withdrawal Timing for Penalty and Taxes

If I make an early withdrawal from my IRA, I know I will pay a 10% penalty and taxes on the money. WHEN do I pay these? Immediately? Immediately for the penalty and next April 15th for the taxes, or next April 15 for both?

Thanks in advance.

Answers

Feb 9, 2007, 11:01 PM	#2

AtlantaTaxExpert Senior Tax Expert Join Date: Feb 2005 Location: Atlanta, Georgia Posts: 13,323	20% will be withheld before the distribution is made. The rest (about 15%) will paid next April 15th.

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