Welcome! | Ask A Question
Asked 12/4/2008
|
Is there any way out of the 20 percent early withdrawal tax on 401k I was fired while on a FMLA leave and now waited 30 days to get my 401k money and found out about 20 percent in taxes and maybe another 10 percent state tax. I have 4 kids and my wife doesnt work I never have to pay in at tax time I always get money back. So is there any way out of these taxes or not? |
Answer 1/2 - Submitted 12/4/2008
You are talking about withholding taxes. When you file your tax returns, this money will be considered as income. Maybe you will get it back if your total income is low enough. You could also choose to roll this money over into an IRA. If you accomplish this within 90 days of withdrawing the money, there will be no tax consequences although you will have to add the withholding to the amount you roll over (which you would get back when you file your taxes).
Type your Answer in the box below and post your answer.
Related Questions (Ask a New Question)
I would like to know what my tax liability will be for new jersey state tax on my 401k early withdrawal and my federal tax liability.
I withdrew my 401k earlier this year and took the early penalty and had income taxes withheld. how do i file this on my income tax for this year?
On my 2009 tax return i incurred a $2943.00 penalty for early withdrawal of my 401k ( i was and still am unemployed) can i deduct that amount as an expense on my 2010 return?
|
I would like to early withdraw my 401k. i am no longer working for this employer. I would like to know what my tax liability will be for new jersey state tax on my 401k early... |
|
I withdrew my 401k earlier this year and took the early penalty and had income taxes withheld.... |
|
On my 2009 tax return i incurred a $2943.00 penalty for early withdrawal of my 401k ( i was... |
|
Can i avoid 10% penalty on 401k loan considered an early withdrawal when company shut down? I had taken out a 401k loan a couple years ago and was repaying systematically. in january... |
|
How much tax would i have to pay if i with draw $10,000 this year? i am 65 years old, so... |
|
Is the penalty paid on early withdrawal of a 401k tax deductible We had to withdraw our 401k due to financial problems,we did not claim hardship because it... |
Ask A Question
Ask a new question about
401k:
About
| Contact Us
| Membership Agreement
| Privacy Policy
| Site Map
| Advertise on this Site
Copyright © 401kQuestions.net 2012. All rights reserved.