The IRA Tax That NO ONE Talks About!


I know that's a bold claim, but even I haven't heard of this one until a couple of weeks ago. Once I heard it, I had to go find an article supporting it so I could have clarity. There is an IRA surtax on large withdrawals!


Here is the article talking about Congress WAIVING that surtax on large IRA withdrawals back in 1997:

https://www.bizjournals.com/columbus/stories/1997/06/16/focus4.html


What is it?

Per the article: "Since 1987, taxpayers who withdraw more than the allowable limits, $160,000 for 1997, would pay a 15 percent excise tax on the dollars over the limit in addition to regular income tax on those dollars."