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The Driscoll Group, Inc
An Independent Registered Investment Advisor
8825 Perimeter Park Blvd.
Suite 604
Jacksonville, FL 32216
Phone: 904-620-9906
Fax: 904-620-9986
Toll-Free: 800-299-9759
Contact Us
Map & Directions
Securities offered through
RAYMOND JAMES
FINANCIAL SERVICES, INC.
Member FINRA / SIPC
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Retirement Plan Withdrawal
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 ½ 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.
While this calculator can provide you with some insight, it was developed to be very general and may not fit everyone’s personal situation. Please feel free to contact our office after using this calculator so that we can perform a more thorough analysis.
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 - 17,400 |
$0 - 8,700 |
$0 - $12,400 |
$0 - 8,700 |
| 15% |
$17,400 - 70,700 |
$8,700 - 35,350 |
$12,400 - 47,350 |
$8,700 - 35,350 |
| 25% |
$70,700 - 142,700 |
$35,350 - 85,650 |
$47,350 - 122,300 |
$35,350 - 71,350 |
| 28% |
$142,700 - 217,450 |
$85,650 - 178,650 |
$122,300 - 198,050 |
$71,350 - 108,725 |
| 33% |
$217,450 - 388,350 |
$178,650 - 388,350 |
$198,050 - 388,350 |
$108,725 - 194,175 |
| 35% |
over $388,350 |
over $388,350 |
over $388,350 |
over $194,175 |
Source: Revenue Procedure 2011-52 http://www.irs.gov
- State income tax rate
- The current state marginal tax rate you expect to pay on any additional income (or taxable distributions).
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Calculators are provided by an independent third party and are being made available to you as self-help tools for your independent use and are not intended to provide investment advice or be representative of actual results. We do not guarantee their applicability or accuracy in regards to your individual circumstances. The determinations made by these calculators should not be construed as guarantees or projections. Moreover, the reasonableness of certain information may change over time because of changes in tax law, investment trends and your personal circumstances. The information contained here is based on current law and has been obtained from sources believed to be reliable, but we do not guarantee its accuracy. Investment results can vary considerably depending on the type of securities involved, general market conditions and other factors. It is important that you periodically review and update your plans. Raymond James does not provide tax or legal advice. You should contact your tax or legal advisor concerning your particular situation. All investments carry a degree of risk, and past performance is not a guarantee of future results.
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