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Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 2652
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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I left my job this year and opted to withdraw my money from

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I left my job this year and opted to withdraw my money from the states retirement system. Since I was not of retirement age I was only able to withdraw my contributions. A 20% was withheld for federal taxes and 7% for Maryland taxes. My question is will I have to pay more taxes when I file my return next year or does my former employer withhold all the taxes that I am expected to pay?

bkb1956 : Welcome and thank you for giving me the opportunity to assist you with your tax question. If you are under 59 1/2, you will be required to pay the 10% penalty for early withdrawal to the IRS when you file your taxes for 2013.
Customer: So the 20% that was withheld did not include the 10% penalty?
Barbara and 4 other Tax Specialists are ready to help you
Just a short note to let you know that we have been having problems on the site, and I could not immediately access your question to respond to your follow-up question.

The 20% that was withheld did not include the 10% penalty.

Thank you for the positive rating as well as the generous bonus. Both are most appreciated. If you have any questions in the future, please put "for bkb1956" in the subject line, and I will be happy to assist you. Recommendations to family and friends are always appreciated.

Thank you and best regards.

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