I can tell I'm going to make about $32000 this year... Back in Feb. our company did away with its (Cash Balance) plan of retirement, in which we had several choices to make on it. Mine was to take it in a lump sum, which was not the smartest, but what's done is done. The amount was $12,295 and the original amount was $15,368. They took $3K for Federal taxes off the top... should be about the same as a 401K withdrawal... Is there a way to figure how much is going to be owed in taxes next April? Thank You... Brad

Brad:

What is your date of birth?

11/10/1969

Brad:

Assuming you are single and are claiming the standard deduction of $5,150, your total federal tax liability will be $7,826.

Since $3,173 was withheld from the distribution, you will owe $4,653 if you had zero amount withheld from the rest of your pay (not likely).

Your refund will not be very big, but you should have to pay anything come April 15th.

Quote:

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Originally Posted by AtlantaTaxExpert

Brad:

Assuming you are single and are claiming the standard deduction of $5,150, your total federal tax liability will be $7,826.

Since $3,173 was withheld from the distribution, you will owe $4,653 if you had zero amount withheld from the rest of your pay (not likely).

Your refund will not be very big, but you should have to pay anything come April 15th.

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THanks... Brad

Glad to help!

Quote:

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Originally Posted by AtlantaTaxExpert

Brad:

Assuming you are single and are claiming the standard deduction of $5,150, your total federal tax liability will be $7,826.

Since $3,173 was withheld from the distribution, you will owe $4,653 if you had zero amount withheld from the rest of your pay (not likely).

Your refund will not be very big, but you should have to pay anything come April 15th.

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Just an update... I got my W2's and it says I made $33162 Gross and 4337.75 Federal withheld, so that's about 1K higher and they also sent a 1099 from the Cash balance thing which was 15368.88 and 3073.78 taken out for Federal... You think this will change things much?

Only a couple of hundred dollars; nothing to lose sleep over.

If you have to pay, you have over two months to get the money together.

Quote:

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Originally Posted by AtlantaTaxExpert

Only a couple of hundred dollars; nothing to lose sleep over.

If you have to pay, you have over two months to get the money together.

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Thanks.Is there a way to figure state tax owed in Ky.

Go to File Taxes Online - Do Taxes FREE - File Taxes With TaxACT, and access their Kentucky tax software.

Quote:

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Originally Posted by AtlantaTaxExpert

Only a couple of hundred dollars; nothing to lose sleep over.

If you have to pay, you have over two months to get the money together.

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Well today the company informed us that the they have the wrong code in box 7 of the 1099's they gave us for the cash balance withdrawals. They said most of them have a 7, which is wrong and would make a difference in the amount of taxes owed, etc. DO you know what the number should be and if it would be that big of a difference in taxes? Brad

If it's an early distribution, the code should be 1.