Have a Tax Question? Ask a Tax Expert
Hi and welcome to Just Answer!Your income tax liability is based on your total income, filing status, deductions, etc.Th e amount of distribution from IRA account is added to your other taxable income and your tax liability is determined based on your total income.
So to estimate your total income tax liability we need to know your total income.You may review tax rate schedule on last page on this publication - www.irs.gov/pub/irs-pdf/i1040tt.pdf NY state income taxes are also based on your total income - between 4% and 8.97%As a very raw estimate - assuming your federal tax rate will be 15% plus NY state income tax rate 6.85% plus early distribution penalty 10% - total estimated tax liability 31,85% or $36,000 * 31,85% = ~$11,500Because $3600 were already withheld - you need to set aside to cover your possible tax liability $11,500 - $3600 = $7900.Please be aware that is a very raw estimate - but I will adjust the estimation if you provide your other taxable income, filing status and deductions.Let me know if you need any help.
With your current income is $72,000 plus $36,000 - total $108,000
See publication I referenced above - Schedule Y-2-If your ling status is Married filing separately.
For taxable income between $69,675 and $106,150 - your marginal tax rate is expected to be 28% -
plus NY state income tax rate 6.85% plus early distribution penalty 10% - total estimated tax liability 44.85% or $36,000 * 44.85% = ~$16,100.Because $3600 were already withheld - you need to set aside to cover your possible tax liability $16,100 - $3600 = $12.500.
Let me know if you need any help.