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    patrick letzig's Avatar
    patrick letzig Posts: 2, Reputation: 1
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    #1

    Dec 7, 2006, 09:20 PM
    Mr.doc
    I'm 55 have 401 with $25977 in loans all taken this year bal. remaining $35,000 Income from job gross wage 35900 fed withheld 4600. Tax bracket worries me what do you think?:eek:
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Dec 7, 2006, 09:30 PM
    Loans against a 401 have no bearing (you did say loan, not withdraw from)

    So you merely have a debt to pay back on that loan.

    And honestly I think that dec is the wrong time to worry about it, since there is little you can do now except file and hope for the best.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #3

    Dec 8, 2006, 06:36 PM
    Agree with Fr Chuck.

    For a single person, an income of $35,900 produces a tax bill of $5,878. If $4,600 has been withheld so far, about another $400 will be withheld, so your April15th tax bill will be just under $900, which is good, as ANY refund is an interest-free loan to the government.
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