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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29778
Experience:  Taxes, Immigration, Labor Relations
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i took out my retirement early, what will be taxes on 25,0

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i took out my retirement early, what will be taxes on 25,000?

LEV : Hi and welcome to Just Answer!When you take a distribution - the administrator generally withholds 20% to cover your possible tax liability. Your tax liability is determined when you file your tax return - and is based on your total income, filing status, dependents, other deductions , etc. If withholding is more than your tax liability - you will claim a refund on your tax return. Assuming - you are in 15% tax bracket - your federal income taxes would be $25,000%15%=$3750.In additional if you are below 59 1/2 at the time of distribution - there will be additional 10% penalty - or $2500. However - there are some exemption from penalty - so if that is a case - be sure to verify.
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