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    tony1235's Avatar
    tony1235 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Nov 21, 2010, 07:06 AM
    Not working
    Need to close ira not working how much tax
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    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's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    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.
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