Have a Tax Question? Ask a Tax Expert
Hello JA Customer,
There are a few exceptions to the 10% penalty on early withdrawal of an IRA, but there is no exception for the purpose of providing care to a parent or anyone else.
As far as the taxes you will owe, that will depend on a number of factors. When you make a withdrawal from an IRA account, the amount is simply added to all of your other income for the year. As I am sure you know, your income is taxed in graduated brackets, and those brackets also vary depending on your filing status of single, married or head of household. So your actual tax rate will depend on your filing status for the year and your total income for the year including your IRA withdrawals.
We could help you estimate the percentage of taxes you may owe if you can tell us your filing status and what you expect your total income to be for the year including the IRA withdrawals, but would be unable to give an estimate without that additional information.
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Thank you JA Customer