Q:

Where can you find an online IRA penalty calculator?

A:

Quick Answer

Dinkeytown.net and DiversifiedAssetPlanners.com each offer online IRA penalty calculators on their websites. These calculators provide users with the tax consequences and other financial penalties resulting from early withdrawal from an IRA account.

Continue Reading
Where can you find an online IRA penalty calculator?
Credit: Guido Mieth Moment Getty Images

Full Answer

On Dinkeytown.net users enter an amount to withdraw, current age, federal income tax rate and state income tax rate, and then a detailed report is generated. The report details the estimated taxes due and the early withdrawal penalty, assuming all account contributions were made on a pre-tax or tax-deductible basis. On DiversifiedAssetPlanners.com users first choose their expected federal income tax rate after completing the withdrawal, and then they enter the amount they want to withdraw; subsequently, the estimated taxes and penalty amounts are listed.

Learn more about Income Tax

Related Questions

Explore