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Formula to calculate taxes on IRA withdrawals
I'm sure there is an excel formula to simply calculate what I need for IRA withdrawals but my excel / math brain hasn't kicked in yet. Example: I need $1000 net after tax withholding. How much do I need to withdrawal from my IRA with an assumed 15% tax withholding rate?
I know it's simply not 1000 x 1.15 = 1150. Because 1150 - (1150*.15) = 977.5. You need to calculate the tax on the tax for several iterations. The answer should be around 1177.
Is there a simpler way to do this calculation? I now have 4 formulas added together to get the answer.
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