Withholding Taxes from IRA’s and 401k’s
In my role as an advisor and financial educator, I take time to explain financial concepts that people do not often think about or know to think about. While there are some very easily understood concepts out there, sometimes I am reminded that not all topics make sense at first blush. Taxes on My Taxes!?! An often confusing aspect of withholding for taxes from an IRA or 401k is that the tax withholding itself is also subject to income taxes. That's right, if you withhold taxes from your IRA or 401k, the withholding itself will be taxes. Taxes on a…
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