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PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4678
Experience:  35 years tax experience, including four years at a Big 4 firm.
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I'm considering taking an early withdrawal from my Roth ira

Customer Question

I'm considering taking an early withdrawal from my Roth ira for a down payment on a house (not first time home buyer). Can you tell me what taxes, penalties I will incur?
Submitted: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.
Hi from just answer. I'mCustomerYou will have fed and state taxes based on your total income, plus a 10% penalty of the total added on.The tax rate is based on your other 2016 income. The 10% penalty is fixed.Thanks for asking at just answer. Positive feedback is appreciated. I'mCustomer