I am 61 years old. I withdrawed $146,371.00 from my 401K they took out $29,274.00. My question is how much more will I have to pay?
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I am 61 years old. I withdrawed $146,371.00 from my 401K they took out $29,274.00. My question is how much more will I have to pay?
That depends on your total income for the year. The $146K will be added to your taxable income for the year. An amount like that could push you into a higher bracket. So complete your return to figure out what your total taxes would be.
Scott's answer covers everything.
To give you an accurate estimate of your tax liability, we need a complete picture of all taxable income.
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