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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
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How much would my taxes be if I withdrew $200,000.00 from my

Customer Question

How much would my taxes be if I withdrew $200,000.00 from my IRA?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: Retired, married, over 65 with only SSN as income.
JA: Is there anything else important you think the Accountant should know?
Customer: Reason for withdraw is to pay off mortgage for home and all other debts completely. If I did a withdrawal from the IRA account how much would I pay in taxes for the year?
JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.
Customer: What price for deposit?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Expert:  Robin D. replied 1 year ago.

I would need to know how much SSA benefits you receive and if your spouse has any income (SSA, interest....) I need that as well because all your income will be added together if you file joint.

Some of your SSA will be taxable so I need to know how much you receive to calculate.