how much more will i pay in taxes if I withdrawal my ira
Whenever you take money from a traditional IRA, you have to pay taxes at your ordinary, or marginal, income tax rate. If you withdraw money from your traditional IRA before you reach age 59 1/2, you must pay an additional 10 percent penalty on the amount.You must also pay income tax and penalties on distributions of earnings you take before age 59 1/2 from a Roth that has not been open for at least five years.Calculating the tax liability before you make the withdrawal is good practice.ou must also pay income tax and penalties on distributions of earnings you take before age 59 1/2 from a Roth that has not been open for at least five years.