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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2570
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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I am disable be the state. I had some money in a IRA and I

Customer Question

I am disable be the state. I had some money in a IRA and I took some money out. Do i pay taxes on that money since I'm disable or how much percentage do I pay on the money.
Submitted: 7 months ago.
Category: Finance
Expert:  Stephen G. replied 7 months ago.
It depends on how much it was and how much your other income is. How much was the withdrawal?Are you receiving Social Security Disability and/or SSI? If so approximately how much a month?Do you receive any other income?How old are you?Are you single?
Customer: replied 7 months ago.
I took out 113,000. I receive disability benefits in August, I been married for 30 yrs, I will be receiving 2060 a month in August. I am 55 yrs old and will be 58 in July. I have 4th stage cancer with they giving me a chance to live for 2yrs. How much do I have to pay back on taxes or since I am disable do I pay any back or less.
Customer: replied 7 months ago.
I retired in January because of my health taking chemo. My income approximately 4000 that month.
Expert:  Stephen G. replied 7 months ago.
Since you are 55 and disabled you are exempt from the 10% early withdrawal penalty, but you will still be taxed on the withdrawal; the $113,000. will be added to your other income and you will pay income taxes based upon the total. When did you take the withdrawal? In 2016? Does your husband work and if so approximately how much does he earn annually?
Expert:  Stephen G. replied 7 months ago.
You said:"I am 55 yrs old and will be 58 in July."What do you mean? Do you mean your husband will be 58?

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