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#1
10-23-2004, 03:17 PM
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 IRA withdrawalWhat is the name of your state? CA  I wish to withdrawal from my IRA account now that I'm 59 1/2 years of age. My administrator takes 10% of the withdrawal, so my question is: I am on SSD and also have a pension of only $2,900 per year. Should I have them take out the 10%, or should I elect not to have any tax taken out? Which is better for my situation due to not owning any property or having any assets except for my IRA account? |
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#2
10-23-2004, 10:15 PM
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| Figure out what your total taxable income will be at the end of the year, and if the taxes due are nil, then you do not need to do 10% (or whatever) withholding on the IRA distributions. Remember, that even if you do not owe taxes, and voluntarily do the 10% withholding, you can still claim a tax refund on April 15 of each year. |
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