 Well I have got to pay my road tax on my car today £99. My question is? |
| What could I have bought for the £99 if I did not have to tax my poxy car with it.... |
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 I have a tax question.......? |
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| And what happens if I mail it in a couple days late?!... |
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|
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i have check their web site and don't see any info on it.
Additional Details
i wanted to know before i leave home im an hour away from anything. and i don't want to make a trip ... |
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| My husband was just given his 1099, we had been asking for it since the middle of Feb. from the employer. Then when we got it there was 10K more reported than actually earn wages earned........the ... |
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 What is your gross yearly income, and what is your age? |
Also, are you a high school graduate, college graduate, doctor, etc.?
Additional Details
What level of education have you attained?
I am 21...high school graduate, some ... |
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Fientje | What is the penalty for over withdrawl on an IRA? |
I'm retired and rolled over my 401K to an IRA, but I've had to take out over $100,000 in a year. What will be my penalty? |
 |
 
dillon Y
 |
Assumed that you are over 59 1/2.
The fact is that you will be taxed on the $100,000 this year rather then over the number of years that you would have drawn down on the IRA. The tax brackets are: 15%, 25%, 28%, 33%, 35%.
With the $100k you could be in the 28% bracket where as if you withdrew the funds over the next 10 years you may have only been on the 15% bracket. Thus you pay an extra 18% in taxes today
If you receive social security it too will be taxed up to 85% of it.
You also may be in alternative minimum tax this year.
YOU NEED TO SEE a tax advisor/CPA to do some tax planning BEFORE December 31st 2006, to help reduce the amount of taxes you will pay. Spend the money to get the best advice. |
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Mathew
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If you have not reached 59 1/2 years of age the penalty is 10% plus the tax at your current rate. There are some exceptions for health issues and first time home purchase but it would appear that none of those apply based on the information you have provided. |
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misslabeled
 |
If you're of the right age you will pay only the income tax due on those dollars. If you're not, it's the income tax and 10% penalty. |
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illiria
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Huge. My mother had to break into her IRA and there was a lot in there. Now she only has 800 bucks in it. My savings account has double that and my husbands 401K does too. |
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muncie birder
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If you are over 59 1/2, there is no penalty as such, but your tax liability will be significant. Depending on your additional income such as ss and investments for example. At least 25% will be eaten by taxes maybe more. |
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Judy1
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As long as you're at least 59-1/2, you can take out as much as you want without penalty. Unless it's a Roth IRA, you'll have to pay income taxes on the withdrawal, but no penalty.
At some point (70-1/2), you'll have a MINIMUM amount that you HAVE to take out each year, but until then you can take out as much (even all) or as little each year as you want to without penalty.
The problem of course is that if you take out a lot early, you lose the tax-sheltered growth, and also might run short of money later in your life. This is not a tax issue, but a personal one. |
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bostonianinmo
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Assuming that you are at least 59 1/2 years old (to the day!) there is no penalty for withdrawl from an IRA. Withdrawls are taxed as ordinary income only. You could withdraw the entire amount if you wished without penalty.
If you are under 59 1/2 years old at the time of the withdrawl, it is treated as ordinary income AND a 10% penalty is assessed by the IRS. |
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luv2fish
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Probably none, need more details. |
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troythom
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If you are 59 1/2 or older, there are no penalties for withdrawing anything from your IRA. Before that age, you are subject to a 10% penalty on the withdrawn amount.
Taxes are of course due. Depends on whether it is Roth IRA, or traditionaly IRA as to what is subject to tax. Best advice is to consult with a tax professional in your area to get an accurate amount. |
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