rudel007
Dec 10, 2010, 10:53 AM
Total= $2449.05
federal=$675.71
state-$261.84
Take home money=$1511.50
AtlantaTaxExpert
Dec 10, 2010, 11:32 AM
Need to know your OTHER income sources, to inculde what your spouse made if you are filing jointly.
For sure, you will pay $245 for the 10% Early Withdrawal Penalty. That penalty CANNOT be mitigated by credits or deductions.
ebaines
Dec 10, 2010, 12:43 PM
They withheld 27.6% for federal tax, and 10.7% for state income tax, which seems like a lot. As ATE says, it's impossible to say whether you get some of that back or not, but I'm guessing you probably will. Nevertheless, keep $245 in reserve to pay the early withdrawal penalty.