Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Next Thread
Author: spliter1 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: early withdrawls from I.R.A. Date: 2/1/2000 9:01 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
If I make early withdrawls from my i.r.a. before retirement age I realize I must pay the 10 percent penalty plus tax but would i then be charged with an aditional income tax on the amount taken out? how many taxes would be due on this early withdrawl? im thinking about early retirement and wondering how much uncle sam is going to eat up out of my withdrawls?? is there a way you can make withdrawls from your ira without all these taxes and penalties? im in my 40's and dont want to wait till 59 for the money..thanks!
Print the post Back To Top
Author: TMFJeanie Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 26591 of 121061
Subject: Re: early withdrawls from I.R.A. Date: 2/1/2000 11:03 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
im thinking about early retirement and wondering how much uncle
sam is going to eat up out of my withdrawls??


Hi spliter1,

Have you visited the Retire Early message board? The Fools on that board have had some great discussions about how to handle IRA withdrawals for those who retire before age 59 1/2.

http://boards.fool.com/Messages.asp?id=1380025000000000


Jeanie

Print the post Back To Top
Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 26615 of 121061
Subject: Re: early withdrawls from I.R.A. Date: 2/1/2000 2:13 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
<< If I make early withdrawls from my i.r.a. before retirement age I realize I must pay the 10 percent penalty plus tax but would i then be charged with an aditional income tax on the amount taken out? how many taxes would be due on this early withdrawl? >>

You need to do some basic reading about how IRAs work. I suggest the excellent IRA section of this board's FAQ. Among other things, you will find there that distributions from traditional IRAs are ordinary income, except for the return of previously-taxed contributions, and that there is a way to avoid the 10% penalty if you retire early.

Phil Marti
Tax Preparer

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Next Thread
Advertisement