Preservation funds and withdrawals?

[shadow_man]

I understand you get 1x free withdrawal from your preservation fund.

Is this 1x withdrawal PER fund (e.g. if you had 2 you get 2x withdrawals) or is it 1x withdrawal no matter the number of funds you have open?

I can't seem to find this bit of info...

Thanks!

 

[supersunbird]

I understand you get 1x free withdrawal from your preservation fund.

Is this 1x withdrawal PER fund (e.g. if you had 2 you get 2x withdrawals) or is it 1x withdrawal no matter the number of funds you have open?

I can't seem to find this bit of info...

Thanks!

One withdrawal per preservation fund (even 100% withdrawal).

The tax though, that's across all the funds, so if you've used up any exemptions or lower brackets then tax will be charged at the appropriate bracket/s.

 

[shadow_man]

One withdrawal per preservation fund (even 100% withdrawal).

The tax though, that's across all the funds, so if you've used up any exemptions or lower brackets then tax will be charged at the appropriate bracket/s.

Gotcha - thanks.

1.) If the first fund has 600k and I withdraw it all, then I'll then be hit for the first tax rate of 18%.
2.) If the second fund has 100k and I withdraw it all, then I'll then be hit for the second tax rate of 27% as I'll have been pushed up a bracket by the first withdrawal?

Is that correct?