Hi
If I were to take a $45000 withdrawl from an IRA (rolled from work 401k due to job loss) could I at the time of withdrawl pay the 20% tax and the 10% penalty rather than waiting for when I file my taxes.
Thanks
Kris

The actual tax due can't be determined until you file your taxes at the end of the year and figure out what tax bracket you're in. So the 20% withholding is merely a down payment against your future tax bill. But if you think 20% is a good number, and want to add another 10% to cover the penalty I suggest you ask your IRA custodian whether they can withhold 30% rather than the usual 20%. If they can't do that for you, one option would be when you receive the distribution to immediately send 10% of the distribution amount ($4500) to the IRS as an estimated tax payment. That way you won't accidentally spend it and come up short next April.