Cashing in IRA before retirement age

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Dec 7, 2015 5:57 pm

So say client has retirement account of $500,000 and is 40 years old.

Has a regular (non Roth) IRA.

Wants to cash it in today.

No income/employment currently, and out of work for 2 years. 

Doesn't care about the 10% early withdrawal penalty. 

What would be the taxes?

Thank you very much.