Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

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

Customer Question
have the federal and state...
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: 6 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
7/13/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,248
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

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.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 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.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 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.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 months ago

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

Ask Your Own Tax Question
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,248
16,248 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

16,248 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Do I have to pay federal income tax on Monet received from
Do I have to pay federal income tax on Monet received from insurance due to hurricane damage to my home? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
16,248 satisfied customers
I intended to request a traditional IRA distribution in
I intended to request a traditional IRA distribution in 2017. Unfortunately I miscalculated the date and missed the deadline by 1 day. If I request it tomorrow, the financial institution that holds my… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,804 satisfied customers
Can traditional IRAs in a brokerage firm be transferred to a
Can traditional IRAs in a brokerage firm be transferred to a cash account to another fund in the firm. I am 76 and take the required distribution each year. My spouse died in 2916 and I inherited them… read more
Robin D.
Robin D.
Senior Tax Advisor 4
16,248 satisfied customers
Can one take a distribution from a traditional IRA to pay
Can one take a distribution from a traditional IRA to pay for a dependents college tuition without incurring the 10% early withdrawal penalty?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have about 42k in a traditional IRA, 23k from a before tax
I have about 42k in a traditional IRA, 23k from a before tax pension roll over, 5k in gains, ~8k in constructive, the remainder in dividends. If I want to withdraw 10k for a first time home purchase, … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
IfI cash in a traditional IRA and pay the taxes on it, can I
IfI cash in a traditional IRA and pay the taxes on it, can I spread the income amount out over 5 years ..... to show my income decreased annually? If I show the whole amount as income then my medicare… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
On Social Security, received dividend on traditional IRA
On Social Security, received dividend on traditional IRA want to withdrawn funds from Roth IRA … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,083 satisfied customers
I need a copy of my 2015 federal income tax ( I need a copy
I need a copy of my 2015 federal income tax ( I need a copy of my federal income tax W2 form. How do I go about getting a copy? … read more
abci168
abci168
Principal
27 satisfied customers
I would like to know how to get my voluntary federal income
I would like to know how to get my voluntary federal income amount changed to 0. I do not want any federal income to come out of my check … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,804 satisfied customers
Traditional IRA contribution - *Married taxpayers file MFJ
Traditional IRA contribution -*Married taxpayers file MFJ *One spouse covered by retirement plan, one is not *AGI will be over $ 200K for 2017 *Taxpayer that is not covered by retirement plan, contrib… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,083 satisfied customers
Where can I get the Federal income tax regulation? Where can
Where can I get the Federal income tax regulation? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I asked for an Federal Income Tax extension to 10/16/17 and
I asked for an Federal Income Tax extension to 10/16/17 and I paid taxes due. This was for 2016. Am I able to extend it further?… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,282 satisfied customers
I'm going my federal income taxes. I have a small business.
I'm going my federal income taxes. I have a small business. I have 1099s from some of the companies that paid me, and the rest were individuals, various amounts. I listed all the 1099s separately in T… read more
abci168
abci168
Principal
27 satisfied customers
What would the federal and state tax rate percentages be for
What would the federal and state tax rate percentages be for a $7700 IRA early withdrawal in Ohio?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,804 satisfied customers
We have a NOL carryover on our federal income taxes. While I
We have a NOL carryover on our federal income taxes. While I was working on our taxes this week, I noticed an error was made in 2013, 2014 and 2015 in the calculation of the NOL carryover. I neglected… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
FEDERAL INCOME TAX: A SINGLE WOMAN RECEIVES A 2016 FORM W-2
FEDERAL INCOME TAX: A SINGLE WOMAN RECEIVES A 2016 FORM W-2 FROM HER EMPLOYER WITH A TYPO IN THE SOCIAL SECURITY NUMBER. TO DATE THE EMPLOYER HAS NOT PROVIDED A "CORRECTED" FORM W-2. IS THERE AN IRS "… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,282 satisfied customers
What is the ADDRESS of the Federal Income Tax Service?????
What is the ADDRESS of the Federal Income Tax Service????? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,282 satisfied customers
I actually have a Tax question. Federal Income Tax, State.
I am wondering about tax liability on a small inheritance from my mother.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x