Do I have to pay Medicare or Social Security tax on an early IRA distribution?
GM 3Daddy asked:
I am aware of the 10% penalty and the need to pay applicable federal and state income tax on the distribution, but I’m wondering about Medicare and Social Security taxes. Thanks.
MYLES
I am aware of the 10% penalty and the need to pay applicable federal and state income tax on the distribution, but I’m wondering about Medicare and Social Security taxes. Thanks.
MYLES
By ninasgramma, August 11, 2009 @ 3:43 pm
Medicare or social security on an ira distribution early or not pay medicare or not pay medicare or social security on an ira distribution early or social security on an ira distribution early or not same for pensions annuities life insurance and other unearned.
By Michael C, August 16, 2009 @ 1:58 pm
Medicare before you put it in the account.
An ira is already taxed for fica social security and medicare before you put it in the account.