Tax Liabilities for SEP withdrawal.to avoid bankruptcy

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Mar 26, 2008, 08:45 AM

mat1dew

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Join Date: Mar 2008

Posts: 2

Tax Liabilities for SEP withdrawal.to avoid bankruptcy

I have 85 thousand in a sep account..I have bills totalling about 40 thousand ...in a realesatate investment....how much money do i lose out on ..if i withdraw it all...I am only 50....I really don't care that much..about losing some of it..but must generate..about 40 to 50 thousand for immediate cash flow...so how much do i lose ???

Answers

May 2, 2008, 12:26 PM	#2

AtlantaTaxExpert Tax Expert Join Date: Feb 2005 Location: Atlanta, Georgia Posts: 9,714	For $85K, a total withdrawal will generate AT LEAST a 33% tax liability, and probably more like 40%, depending on other income amounts.

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