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View Full Version : Claim married or single On 401k withdrawel?


krissy74
Feb 6, 2007, 05:31 PM
I just withdrew funds from my 401k to pay off medical bills I have. If I don't pay them I am going to have to go to court(would like to avoid).
My question is this... I am single now and my tax bracket is like27%... I am getting married in July.. So if I wait to pay all me taxes and penalties till after I'm married, will I have to pay what my tax bracket is now when I withdrew it, or will I be able to claim married and wait till next tax season??

AtlantaTaxExpert
Feb 7, 2007, 11:26 AM
If you marrynin July, you are considered married for the entire year.

Your marital status will NOT affect the withholding, which is typically 20%.

However, that is only a down payment. Your actual tax on the withdrawal could be as high as 50%, depending on your marginal tax rate and the state in which yo live. Expect to pay AT LEAST 35%.

Think long and hard before doing this. It is a VERY EXPENSIVE decision!

undecided
Apr 28, 2007, 01:41 PM
Can I withdraw my 401k without penalty if I'm partially disabled?

AtlantaTaxExpert
Apr 28, 2007, 09:31 PM
The disability has to be considered total AND permanent to qualify for the exception.