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Me, Myself & I
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Me, Myself & I asked in Business & FinanceTaxesUnited States · 6 years ago

What is the federal tax percentage on a withdrawal from an IRA for a retiree if the amount they want to withdraw is say $8,000?

6 Answers

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  • ?
    Lv 7
    6 years ago

    You can ask the distributing financial institution to withhold any amount of tax you want, which will depend on your other tax factors and withholdings. {I suggest you say 20% ... or 15% if your total line 7 will be low.}

    Pre - 59 1/2 they withhold 10% for tax and 10% for penalty.

  • tro
    Lv 7
    6 years ago

    there is none it will depend on the the rest of your income, if this is your only income for the year, the IRA withdrawal it actually would not be taxable

  • Anonymous
    6 years ago

    Your tax rate is based on TOTAL income, among other factors.

  • Slickterp
    Lv 7
    6 years ago

    Depends on the rest of their income.

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  • Judy
    Lv 7
    6 years ago

    depends on what other income they have. If only ss, none.

  • ?
    Lv 7
    6 years ago

    if that is the only "income", then the tax rate is 0%

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