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Withdrawing money from a qualified retirement plan, such as a Traditional IRA, 401(k) or 403(b) plan, among others, can create a sizable tax obligation. If you are under 59 ˝ you may also be subject to a 10% early withdrawal penalty. Use this calculator to see what your net withdrawal would be after taxes and penalties are taken into account.
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Definitions
- Amount to withdraw
- The amount you wish to withdraw from your qualified retirement plan. Withdrawals are subject to income tax and prior to age 59 1/2 may also be subject to a 10% additional tax penalty. There are some exceptions to the penalty. Consult a tax advisor for more information. For this calculation we assume that all contributions to the retirement account were made on a pre-tax or tax deductible basis. If you made contributions that were subject to income taxes, you may not owe taxes on the entire withdrawal. You should consult your tax or legal advisor concerning your particular situation.
- Current age
- Your current age.
- Federal income tax rate
- Consult the table below to determine your federal tax bracket. If you are unsure, the calculator will choose 25%. Please note that state taxes are entered in a separate entry field.
| 10% |
$0 - 16,750 |
$0 - 8,375 |
$0 - $11,950 |
$0 - 8,375 |
| 15% |
$16,751- 68,000 |
$8,376- 34,000 |
$11,951- 45,550 |
$8,376- 34,000 |
| 25% |
$68,001- 137,300 |
$34,001- 82,400 |
$45,551- 117,650 |
$34,001- 68,650 |
| 28% |
$137,301- 209,250 |
$82,401- 171,850 |
$117,651- 190,550 |
$68,651- 104,625 |
| 33% |
$209,251- 373,650 |
$171,851- 373,650 |
$190,551- 373,650 |
$104,626- 186,825 |
| 35% |
over $373,650 |
over $373,650 |
over $373,650 |
over $186,825 |
Source: http://www.irs.gov/pub/irs-drop/rp-09-50.pdf
- State income tax rate
- The current State marginal tax rate you expect to pay on any additional income (or taxable distributions).
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