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    mat1dew's Avatar
    mat1dew Posts: 2, Reputation: 1
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    #1

    Mar 26, 2008, 09:45 AM
    Tax Liabilities for SEP withdrawal.to avoid bankruptcy
    I have 85 thousand in a sep account.. I have bills totalling about 40 thousand... in a realesatate investment... how much money do I lose out on.. if I withdraw it all... I am only 50... I really don't care that much.. about losing some of it.. but must generate.. about 40 to 50 thousand for immediate cash flow... so how much do I lose??
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    May 2, 2008, 01:26 PM
    For $85K, a total withdrawal will generate AT LEAST a 33% tax liability, and probably more like 40%, depending on other income amounts.
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