non qualified distrubution of retirement account

Question

Mar 16, 2007, 09:06 AM

georgia on my mind

New Member

Join Date: Mar 2007

Posts: 1

non qualified distrubution of retirement account

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

Answers

Mar 16, 2007, 09:40 AM	#2

Fr_Chuck Christianity Expert Join Date: Nov 2005 Location: Atlanta GA Posts: 25,249	Have you considered merely taking a loan out againt it ?

Mar 19, 2007, 10:01 AM	#3

AtlantaTaxExpert Tax Expert Join Date: Feb 2005 Location: Atlanta, Georgia Posts: 9,873	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!

Answer this Question Ask about Taxes

« Previous Question | Next Question »

Question Tools	Search this Question
Show Printable Version Email this Page	Search this Question: Advanced Search
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Sponsors

Similar Questions
Question	Asker	Topic	Answers	Last Post
401k distrubution	kj35	Taxes	2	Mar 15, 2006 12:12 PM
qualified student loans	falcon1	Taxes	1	Feb 18, 2006 06:09 PM
Retirement Account	mlakdawa	Retirement	5	Jan 19, 2006 08:49 AM
retirement community	nate	Retirement	0	Mar 9, 2005 02:16 PM
Where do I get info on my retirement?	xboomerx	Retirement	0	Feb 3, 2005 07:58 PM



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!