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<< 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
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