Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   Claim married or single On 401k withdrawel? (https://www.askmehelpdesk.com/showthread.php?t=60730)

  • Feb 6, 2007, 05:31 PM
    krissy74
    Claim married or single On 401k withdrawel?
    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??
  • Feb 7, 2007, 11:26 AM
    AtlantaTaxExpert
    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!
  • Apr 28, 2007, 01:41 PM
    undecided
    Can I withdraw my 401k without penalty if I'm partially disabled?
  • Apr 28, 2007, 09:31 PM
    AtlantaTaxExpert
    The disability has to be considered total AND permanent to qualify for the exception.

  • All times are GMT -7. The time now is 07:52 PM.