Search found 2 matches

by mjm42
Wed Apr 22, 2015 12:37 pm
Forum: General questions and comments
Topic: Taxes on Withdrawal
Replies: 8
Views: 7120

Re: Taxes on Withdrawal

To answer my own question:
I had entered an age 70 "Min IRA withdrawal age".
I thought this was the age at which required-minimum-withdrawals were to happen.
Instead it is the age below which a 10% IRA withdrawal penalty is applied, which is the mysterious 10% added to the "withdrawal tax" I saw.
by mjm42
Wed Apr 22, 2015 11:49 am
Forum: General questions and comments
Topic: Taxes on Withdrawal
Replies: 8
Views: 7120

Taxes on Withdrawal

Thanks for the useful tool.
I seem to be having higher than expected taxes on withdrawals. For example, with 15% entered for tax rate, I get 25% taxes withheld. When I enter 0% for tax rate, I get 10% taxes withheld. It seems there is a built-in additional 10% tax rate in the calculation?