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I need to close my traditional IRA, at what percent to I do…

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I need to close my traditional IRA, at what percent to I do have the federal and state (GA) tax withheld?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

What more do you need? I am closing my Traditional IRA account the balance is only $1,799.35. I live in the state of Georgia. i am completing the IRA distribution request form: Question 1 on form - Withhold federal income tax of _____% from my IRA distribution. (What %, do, I enter in the blank? )

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Question 2: Withhold state income tax of _____% from my IRA distribution. (what % do I put in the blank) I live in the state of Georgia. This is early (premature) distribution: I am under the age of 59 1/2. I do not qulify for any exceptions.

Submitted: 11 months ago.Category: Tax
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7/13/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 11 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,027
Experience: 15years with H & R Block. Divisional leader, Instructor
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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.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 11 months ago

For federal it depends on how much you are taking out and how much your total income will be for the year but 20% is customary. For GA 6%.

The IRA distribution will be added t your other income and taxed at the regular rate for your filing status.

20% for federal and 6% for GA

A positive 5 star rating is appreciated so I am credited for assisting.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 11 months ago

Please let me know if you need more information.
If not then scroll up to see the STARS to rate so I am credited.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 11 months ago

Please post below so I know you have read and understand my response.

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