How much refund can I get if last year my sole source of income was an early 401k distribution? | 401k Questions

Question

Asked 1/3/2007

How much refund can I get if last year my sole source of income was an early 401k distribution?

Me: single, 28, no other source of income from 2006 other than a early distribution I got from my 401k. The amount was for $13k, of which $2.6k was withheld by IRS.

Will be able to get a refund this year? If so, how much?
I live in California. Single, 28, no current income.

Answers

Answer 1/2 - Submitted 1/3/2007

I ESTIMATE 13000 INCOME MINUS PERSONAL EXEMPTION 3300 AND STANDARD DEDUCTION 5150= 4650 TAXABLE
TAX OWED ON 4650 IS 468
PLUS 10% PENALTY FOR EARLY RETIREMENT WITHDRAWL OF 1300
=2600 - (468+1300) = $932 REFUND

Answer 2/2 - Submitted 1/4/2007

The 1st answer was thought provolking, I would recommend you listen to the Ray Lucia Show on AM radio, call in and have the tax professionals do the math as you wait, on the air...

Factors such as your state, age, and income situation influence a deeper delving into your question..

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