- Nov 10, 2001
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I have an inherited irs from my dad that I am going to cash out, I need to come up with an estimate on how much tax to withhold. So the basic numbers are this
HH Members, me, wife, 3 kids, 17,15 and 9
Income 53000
ira $42000
We will ave had about $2600 withheld from our paychecks, Not other major deductions. No penalty on the ira withdrawn.
From online calculators I have estimated that I need to withhold about 10% of the IRA to cover income taxes. Does that sound about right? I just want it to be fairly close so I don't have a big tax bill.
HH Members, me, wife, 3 kids, 17,15 and 9
Income 53000
ira $42000
We will ave had about $2600 withheld from our paychecks, Not other major deductions. No penalty on the ira withdrawn.
From online calculators I have estimated that I need to withhold about 10% of the IRA to cover income taxes. Does that sound about right? I just want it to be fairly close so I don't have a big tax bill.