Ask Experts Questions for FREE Help !
Ask
    TIGGER344's Avatar
    TIGGER344 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 28, 2009, 02:40 PM
    Taxes on 401k
    I closed out a 401k in the amount of $3000 at what rate should I be taxed at. I am 64 years old
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jan 29, 2009, 11:05 AM
    You will be taxed at your marginal tax rate (the tax you pay on the last dollar earned in the calendar year).

    No 10% Early Withdrawal Penalty due to your age.

    All things considered, probably at 15%, which is $450.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

401k taxes [ 1 Answers ]

I took out 18.000 from my 401k last year. The company I worked for was sold. I paid fed taxes on this money when I took it out. I was 59 years old. This year when I filed my taxes I gave h&r my form from them where I paid all fed taxes. They added the total amount I drew out to my total income...

Early Withdraw - 401K Taxes Paid vs. Taxes Owe [ 7 Answers ]

Last year I took a early withdraw from my 401k last year after leaving my job. I had 30% withheld for Fed. Taxes. I am getting ready to have my taxes prepared. I have several questions. 1. Was 30% enough? Does 10% penalty still apply? 2. I live in the state of IL. Will I owe state taxes? ...

401k taxes [ 1 Answers ]

Could I rollover my 20% tax into an IRA?

401k to pay taxes? [ 8 Answers ]

:confused: Could someone answer a really weird question ? can I use my very small 401k to pay the irs? thanx, mamasu2

401K and taxes [ 2 Answers ]

I recently (maybe 6 months ago), signed up with my company's new 401K. Do I need any special info from this account to do my taxes this year? I have conflicting reports. My co-workers told me that I need the end of the year statement(which I misplaced). I called the company that handles our 401K...

View more questions Search