How much tax can I expect?

[minendo]

Decided to sell off shares of my IRA to pay off pre-existing debt. I opted to have 25% withheld for federal tax. How much can I expect to owe on top of that at year end?

 

[MikeyIs4Dcats]

what tax bracket are you in? that plus whatever the penalty is

 

[minendo]

Originally posted by: MikeyIs4Dcats
what tax bracket are you in? that plus whatever the penalty is

Best way to tell?

 

[MikeyIs4Dcats]

Originally posted by: minendo
<div class="FTQUOTE"><begin quote>Originally posted by: MikeyIs4Dcats
what tax bracket are you in? that plus whatever the penalty is</end quote></div>

Best way to tell?

net/gross?

 

[vi edit]

Roth or Traditional?

If it was a Roth you could take out your original investment penalty free. It's the gains you can't touch.

 

[BoomerD]

http://www.irs.gov/faqs/faq5-3.html

 

[minendo]

Originally posted by: vi_edit
Roth or Traditional?

If it was a Roth you could take out your original investment penalty free. It's the gains you can't touch.

Traditional.

 

[richardycc]

a lot! probably 25% plus 10% penalty, plus kiss the tax refund goodbye, if you normally get one.

 

[alrocky]

Yipes! This is generally a very bad idea.

 

[EagleKeeper]

You still have a 10% penalty plus your state tax to worry abouit on top of the overall Federal tax