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What would the federal and state tax rate percentages be for…

What would the federal and...
What would the federal and state tax rate percentages be for a $7700 IRA early withdrawal in Ohio?
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Customer reply replied 7 months ago
Besides the 10% penalty
Answered in 1 hour by:
9/19/2017
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,798
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The $7700 early withdrawal amount gets added to your other income, and you pay tax accordingly.

Unless you waive federal withholding or request a higher percentage to be withheld, the IRA custodian will withhold a mandatory 10% from the IRA distribution. Unless you are in a high tax bracket, the mandatory 10% is usually a good starting point.

Depending on your tax bracket, Ohio's tax rates range between 3.46-5%.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 7 months ago
I would pay 10% for federal, 10% penalty for early withdrawal, and 3.46% for state?

Correct.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,798
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Customer reply replied 7 months ago
Thank you

My pleasure.

Thank YOU for the positive rating of my answer and VERY GENEROUS bonus. Both are very much appreciated.

Please do not hesitate to contact me if you have any questions/problems when you are preparing your tax returns.

Best regards,

Barb

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