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-   -   Tax Estimate on Annuity withdrawal (https://www.askmehelpdesk.com/showthread.php?t=381989)

  • Jul 31, 2009, 10:37 AM
    themiller3
    Tax Estimate on Annuity Withdrawl
    I am withdrawing early a bonus dex annuitiy. I understand the 10% early IRS penalty but want to have the insurance co keep enough more to cover taxes. I don't want any surprises come tax time. How do I figure out what percentage to have them keep? Will I have to pay state tax as well? I don't want to miss anything here. Thanks
  • Aug 3, 2009, 02:03 PM
    AtlantaTaxExpert
    Have them withhold 30% plus a set amount for the STATE income tax liability (at least 5%). That should cover the bulk of your tax liability.

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