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401K Taxes
I have 100,000 in 401K. I make 152,000 p/yr. I am retireing June 30, 2008.
What would my possible taxes be to withdraw my 401K amount (100,000)? I will have had 6 months income by June 30. Are the taxes for the 100,000 A set amount ( I am 62 years old)? -or- does my income for the 6 months count Towards the amount I'd be taxed on the 100,000 withdrawal? Thanks p.s. It's so Hard to get a TAX from anyone concerning my 401K withdrawal. Thanks |
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Withdrawals are counted as ordinary income. You will pay ordinary income tax on the withdrawal, so the actual amount of tax will depend on your particular filing circumstances. In rough terms - your income in '08 will be about $100K from your salary plus another $100K from the 401(k), for a total of $200K, which puts you in the 33% bracket (assuming you are married filing jointly, but thi sis before your deductions).
Do you really need to draw down so much of your 401(k) all at once? You may need this to live on for many years to come... |
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