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I need to take a $13000 disbursement from a roll over ira.

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What percent should I have...
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: 1 year ago.Category: Tax
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Answered in 4 minutes by:
8/24/2016
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 714
Experience: Business Consultant/Accounting Manager
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30% for Federal (it includes the 10% penalty for early withdrawal) and 10% for California. Best Regards.

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago

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

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago

I hope I was able to help you. If this answered your question please take a few moments to rate my response. It will be at the top of the page - ranging from 1 to 5 stars. If you need any clarification of my response or have any further questions, I am here. Thank you. Have a wonderful afternoon.

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