The IRS tax bracket_Withholding
Q.Has the penalty for excessive withdrawals (after age 59) from traditional IRA's been eliminated? Also, in working out various strategies, I am assuming that the IRS tax bracket will continue to be inflation adjusted. Is this likely? I am using 2.5% in my calculations which seems to be reasonable and conservative.
A.I may be totally off base, but as far as I know there never was a penalty for excessive withdrawals after age 59 1/2. You may withdraw all of your IRA without any penalty. You will have to pay the tax, of course It is not IRS, but Congress, that adjusts the tax brackets. Until Code Section 1(f)(3) is repealed, they will be adjusted to reflect the change in the Consumer Price Index since 1992. If Alan Greenspan's Federal Reserve Bank policies result in deflation, can the brackets be narrowed? Yes, as I read the Code, but not beyond the 1992 base. Just what the country would need to get back on the road to economic recovery -- a tax increase.
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