View Full Version : Not working
tony1235
Nov 21, 2010, 07:06 AM
Need to close ira not working how much tax
AtlantaTaxExpert
Nov 21, 2010, 06:08 PM
Assuming this is a traditional IRA, there is a 10% Early Wiothdrawal Penalty if you are younger than 59.5. years of age.
Plus you pay ordinary income taxes, state and federal.
MukatA
Nov 22, 2010, 05:36 AM
Withdrawal from Trad. IRA is treated as income. Since you do not have any other income, you may not owe any income tax or may owe little income tax. However, you will pay 10% early withdrawal penalty.