View Single Post
  #2   Report Post  
Posted to alt.home.repair
Oren[_2_] Oren[_2_] is offline
external usenet poster
 
Posts: 22,192
Default OT How much IRA to take out?

On Tue, 25 Oct 2011 20:37:01 -0400, Metspitzer
wrote:

Anyone know of a rough way to figure out what is the right amount of
money to take out of retirement without paying too much tax that year?

My income will be the same this year is it was the last, but I want to
withdraw some of my retirement. How do you figure out what percent
tax you will have to pay?

If you can recommend an "active" group where this would be on topic I
would appreciate it.


Um, consult your Human Resource Office and tax preparation person?

Taking money is a bad idea:

- Penalty for early withdrawal

- Taxed again as income for the year?

- Possible state taxes on income the same year.

I would advice against it. Just my option.

Contact your HR Manager.