tax rate
how do you find out what the tax is on a retirement account? do states have a specific amount they charge for retirement distribution?
how do you find out what the tax is on a retirement account? do states have a specific amount they charge for retirement distribution?
Permalink Submitted by Alan - IRA critic on Thu, 2015-04-16 22:10
If you are referring to the tax on an amount distributed from a retirement account, the best way is to input the amount to be distributed into a tax program along with the person’s other income. The difference in the tax due with and without the retirement account income is the tax on the distribution. If person is under 59.5, the 10% penalty also needs to be considered.