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Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10760
Experience:  GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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I want to withdraw from my traditional IRA. Can the 20% they

Resolved Question:

I want to withdraw from my traditional IRA. Can the 20% they deduct be deferred, until I file my taxes.
Submitted: 7 years ago.
Category: Tax
Expert:  Ed Johnson replied 7 years ago.



There are plan administrators that will allow you to sign a document that you will be responsible for your own 10% penalty. However the withholding is not able to be deferred. The withholding tax is required by the IRS to be withheld by the plan administrator at the time of the early withdrawal.


If you are doing a rollover, then if the rollover is administrator to administrator (agent to agent),then there would be no withholding.

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