Two Days In A Librarianâs Life www.voicesforthelibrary.org.uk Librarians have varied and interesting jobs! This librarian works 15 hours per week in a Local Studies post, and has shared with us the enquiries they researched and responded to, with the help of one assistant, in just two days last week...
With a few exceptions, early withdrawals from traditional or Roth IRAs generally incur a tax penalty equal to 10% of the taxable amount. To calculate the penalty on an early withdrawal, simply multiply the taxable distribution amount by 10%. An early distribution of $10,000, for example, would incur a $1,000 tax penalty.
When taxes and penalties apply. If you receive a non-qualified distribution of earnings from an IRA and donât meet any of the tests described above, you must pay two taxes: the regular income tax plus an additional 10% early withdrawal penalty tax. Example: You contributed $2,000 to a Roth IRA.