If I withdraw funds from a retirement fund there is an initial tax of 30%. Should I expect another tax when filing?
This is a retirement fund that I no longer contribute to and would like to withdraw to invest on my own. I would like to set aside the money if I expect to be taxed again.
You pay income tax: Your withdrawals must be reported on your tax return as income. If your current income is higher than your retirement income, you'll pay more taxes now.
