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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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I need to take a $13000 disbursement from a roll over ira.

Customer Question

I need to take a $13000 disbursement from a roll over ira. What percent should I have withheld for federal and California taxes? I file jointly with my wife. We made$230,000 last year. I'm 58.
Submitted: 11 months ago.
Category: Tax
Expert:  ABC Accounting Group replied 11 months ago.

30% for Federal (it includes the 10% penalty for early withdrawal) and 10% for California. Best Regards.

Expert:  ABC Accounting Group replied 11 months ago.

In addition to the 10% for California is a 2 1/2 % penalty - which would make the withholding 12 1/2 % in total.

Expert:  ABC Accounting Group replied 11 months ago.

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