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bleacher
Sep 29, 2007, 07:22 PM
Will be withdrawing all money. Over 60 yrs old. I know they will take 20% for taxes. What about when I do my taxes? Will I be taxed again on what I received? Thanks.

AtlantaTaxExpert
Oct 1, 2007, 02:02 PM
The 20% is a down payment on the tax you will owe.

HOW MUCH that tax is depends on your overall income picture.

Since you are over 60 years of age, NO 10% Early Withdrawal Penalty is due.