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    avidInvestor's Avatar
    avidInvestor Posts: 1, Reputation: 1
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    #1

    Feb 9, 2007, 05:13 PM
    IRA Early Withdrawal Timing for Penalty and Taxes
    If I make an early withdrawal from my IRA, I know I will pay a 10% penalty and taxes on the money. WHEN do I pay these? Immediately? Immediately for the penalty and next April 15th for the taxes, or next April 15 for both?

    Thanks in advance.


    :confused:
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 10, 2007, 12:01 AM
    20% will be withheld before the distribution is made. The rest (about 15%) will paid next April 15th.
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