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judy101102 · Jan 23, 2009, 10:57 AM

Hello I am now very worried about what additional payments/penalties I may owe at tax time for my 401K withdrawal. I lost my job last year and took out my 401K to support myself and my children. The taxable amount on the 1099-R I received says $25,520.29. It also says under federal income tax withheld $5104.06 and box 7 has a 1. I'm hoping you can give me an idea of what I may still owe IRS... I received unemployment benefits for about 9 months, of which I did have 10% tax withheld, and income of about $13,000 from first 3 months of the year... I think I'm really screwed, and since I still have not found another job, I do not have the $ to pay any owed penalty.. I was hoping for my normal refund to help us just get by a while longer... am I in BIG trouble?? Thanks for your help... I use to LIKE tax time, this year may really hurt me... J.H.

AtlantaTaxExpert · Jan 23, 2009, 12:02 PM

Judy:

I need to know:

- How many kids you have?
- How much you collected in unemployment compensation?
- Yourr marital status? If divorced, are you getting alimony?
- What was withheld on the $13,000 you earned in the first 3 month of 2008?

If you do not want to post that info on the forum, you can email it to me at [email protected].

ScottGem · Jan 23, 2009, 01:19 PM

The bad news is you may not get much of a refund and may have to pay a little. The good news is it probably won't be too much. If you answer ATE's questions he can be more precise.

But I would suspect your total income was between $50-60K. If you have kids and other deductions, you may not be in too high a tax bracket, so the amounts you have already had withheld may cover a good portion of your tax liability. You will have to add another $2552 (the 10% penalty) to what you owe.

AtlantaTaxExpert · Jan 23, 2009, 01:28 PM

Already answered in detail by email.

ScottGem · Jan 23, 2009, 05:47 PM

Originally Posted by AtlantaTaxExpert

Already answered in detail by email.

Just curious, Did you estimate that she will have to pay anything? Not looking for details, just whether she will need to pay or get a refund.

AtlantaTaxExpert · Jan 24, 2009, 08:45 PM

She had to pay a small amount (less than $100) as it currently stands, but she also had deductible moving expenses plus a second adult child that I am convinced she can claim as a dependent, so she should be getting a refund when she files.