How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15319
Experience:  15years with H & R Block. Divisional leader, Instructor
14155347
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

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

Customer Question

I need to close my traditional IRA, at what percent to I do have the federal and state (GA) tax withheld?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: 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? )
JA: Is there anything else the Accountant should be aware of?
Customer: 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: 12 days ago.
Category: Tax
Expert:  Robin D. replied 12 days 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 12 days 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.

Expert:  Robin D. replied 12 days 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.

Expert:  Robin D. replied 12 days ago.

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

Related Tax Questions