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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15711
Experience:  15years with H & R Block. Divisional leader, Instructor
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My adjusted gross income was $7829 last year. If I take $10,000

Customer Question

My adjusted gross income was $7829 last year. If I take $10,000 out of an IRA will I have to pay taxes if my adjusted gross income remains the same this year?   I need an answer ASAP
Thank you for your time, Terri A.
Submitted: 7 years ago.
Category: Tax
Expert:  Robin D. replied 7 years ago.
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Robin D :

I based my calculations on single and the IRA is a Traditional with no previous contributions being made as nondeductible;
You will have a tax liability of at least $465 plus if you are not 59 1/2 you could be liable for an additional 10% penalty for early withdrawal.
Your banking institution can withhold at time of withdrawal for you.