Ask Experts Questions for FREE Help !
Ask
    elc54's Avatar
    elc54 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Feb 26, 2010, 10:13 AM
    I am retiring at age 63. What kind of tax will I pay when I leave my job?
    I am retiring at age 63. What kind of tax will I pay when I leave my job?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #2

    Feb 26, 2010, 10:15 AM

    Tax on what? Severance pay? Some other tax?
    elc54's Avatar
    elc54 Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Feb 26, 2010, 10:22 AM

    Sorry, I meant to say - What kind of tax will I pay on my 401K when I leave my job?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #4

    Feb 26, 2010, 10:35 AM

    You will pay ordinary income tax on whatever amount you withdraw from your 401(k) and/or IRA.
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!

Tragic H1b visa story, no real job and salary but a need to pay tax [ 1 Answers ]

While preparing for Residency in USA, came across a Research company, that offered to sponsor H1b visa and A guaranteed job. They even charged me for lawyers fee And visa fee plus training fee ($5000). The visa was Approved but now it looks like there is no job in the Company, they are...

Own home but pay rent in other cities for job, can I get tax refund? [ 1 Answers ]

My husband and I own a home and pay mortgage in Nebraska. He plays minor league baseball so he lives away from home from March through September. Last year, he lived and paid rent in Memphis, TN, West Palm Beach, FL, and Springfield, MO while I stay in Nebraska. He is salaried, but does not get...

What kind of job would you suggest? [ 1 Answers ]

Well, here is a good one for you. I have been in the auto industry for almost 20 years. I have a lot of customer service experience and knowledge of dealing with customers. My dilema is that I am tired of the business here which includes 60 hours a week plus. I don't want to work that many...

View more questions Search