Tax Liabilities for SEP withdrawal.to avoid bankruptcy

Question

Mar 26, 2008, 08:45 AM

mat1dew

New Member

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: 9,706	For $85K, a total withdrawal will generate AT LEAST a 33% tax liability, and probably more like 40%, depending on other income amounts.

Answer this Question Ask about Taxes

« Previous Question | Next Question »

Question Tools	Search this Question
Show Printable Version Email this Page	Search this Question: Advanced Search
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Sponsors

Similar Questions
Question	Asker	Topic	Answers	Last Post
Tax Liabilities for SEP withdrawal.to avoid bankruptcy	mat1dew	Taxes	1	May 2, 2008 04:28 PM
401K withdrawal age without tax assessment	jacobsonkarla	Retirement	1	Oct 23, 2007 12:10 PM
Withdrawal of 401K before tax	canaan	Other Money & Services	1	Sep 29, 2007 06:17 PM
F1 student visa holder trying to avoid tax on relocation	maddyatl	Taxes	1	Jun 19, 2007 05:22 PM
payroll tax liabilities	OJ-VS	Payroll	0	May 8, 2007 11:39 AM



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!