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Anonymous
Anonymous Question:

How much tax would i pay on an ira of $2387?

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Answers

PGroot
PGroot Answered:

It depends on your age and your tax bracket.

In addition to the distribution being included as taxable income, the IRS will also assess a 10% early distribution penalty if the participant is under age 59½. The IRS will waive this penalty with some exceptions, including first time home purchase (up to $10,000), higher education expenses, death, disability, unreimbursed medical expenses, health insurance, annuity payments and payments of IRS levies, all of which must meet certain stipulations.

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