nytenant01
Junior Member
What is the name of your state?NY
My husband and I are looking to take early distrabutions on a roll-over of a simple IRA account. Neither of us are 52 and the original Simple IRA has been active for over 5 years. We are aware that we will be pay a 10% penalty on our distrubutions for early withdrawal. But my questions is what happens as of income tax time? They say that we can pay taxes on it now but how do we know how much state and federal to withhold? And if we do not withhold taxes how do we figure out what taxes we will have to owe on it at the end of the year? We are in a very low tax bracket with 2 children. We usually get a decent refund each year if that makes any diffrence. BUt any advice on this would be greatly appreciated. Thank you for any help in advance!
My husband and I are looking to take early distrabutions on a roll-over of a simple IRA account. Neither of us are 52 and the original Simple IRA has been active for over 5 years. We are aware that we will be pay a 10% penalty on our distrubutions for early withdrawal. But my questions is what happens as of income tax time? They say that we can pay taxes on it now but how do we know how much state and federal to withhold? And if we do not withhold taxes how do we figure out what taxes we will have to owe on it at the end of the year? We are in a very low tax bracket with 2 children. We usually get a decent refund each year if that makes any diffrence. BUt any advice on this would be greatly appreciated. Thank you for any help in advance!