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I am planning to leave my position to care for a parent. To

I am planning to leave...
I am planning to leave my position to care for a parent. To fund expenses I am planning to withdraw an IRA. I understand the 10% penalty, but am unsure what state (WI)and federal taxes I will owe. Are the exceptions to the penalty and taxes for the reason for providing care for a parent?

Thank you.

Jim
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Answered in 5 minutes by:
8/2/2010
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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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.

 

If this was helpful please press the Accept button. It is the only way we receive any credit for helping with these questions.

 

Thank you JA Customer

 

 

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Verified
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Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad

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