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Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1561
Experience:  22 years of tax preparation experience, including individual, trust, and estate returns.
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How much taxes would I have to pay on $100,000 if I cash out

Customer Question

How much taxes would I have to pay on $100,000 if I cash out my inherited IRA that is in my name
Submitted: 7 years ago.
Category: Tax
Expert:  Arthur Rubin replied 7 years ago.
It depends on what other income you have, and, if you live in a state with a state income tax, which state that is.
Customer: replied 7 years ago.
No, I have no other income and I live in Texas
Expert:  Arthur Rubin replied 7 years ago.
If you're single, have no dependents, are under 65, and are not blind, the numbers are:

Gross income: $100000
Personal Exemption: $3650
Standard Deduction: $5700

Taxable income: $90650
Tax: $19,091.25

All calculations from Form 1040 ES and instructions, based on the law in effect at the time that document was prepared. Changes can always happen.