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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15731
Experience:  15years with H & R Block. Divisional leader, Instructor
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I going to be with drawing money from my retirement savings

Customer Question

I going to be with drawing money from my retirement savings how munch percentage for federal and state taxes should I withhold I need 7730.00 to pay loan off
Submitted: 11 months ago.
Category: Tax
Expert:  Robin D. replied 11 months 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 11 months ago.

Retirement savings when distributed are added to your income and taxed at regular rates (these are based on your filing status and total income).

I would need to know what your total income (and type) to do any estimate for tax. And your age and filing status (single, married...)

Customer: replied 11 months ago.
I'm 57 years old. My filing status = single.
Income $23,171.20 ($11.14 per hour)
PENSION $492.93 MONTHLY BEFORE TAXES $393.93 each month
Expert:  Robin D. replied 11 months ago.

Thanks, ***** *****

Expert:  Robin D. replied 11 months ago.

Your total tax for federal is estimated at $3,520

Indiana is $1190.

The $7730 adds about $1100 to your federal tax and about $250 to state.

You should have at least 10% withheld for federal and 3% for state.

Expert:  Robin D. replied 11 months ago.

Did you need more information?