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.