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    krissy74's Avatar
    krissy74 Posts: 6, Reputation: 1
    New Member
    		  
    #1

    Feb 6, 2007, 05:31 PM
    Claim married or single On 401k withdrawel?
    I just withdrew funds from my 401k to pay off medical bills I have. If I don't pay them I am going to have to go to court(would like to avoid).
    My question is this... I am single now and my tax bracket is like27%... I am getting married in July.. So if I wait to pay all me taxes and penalties till after I'm married, will I have to pay what my tax bracket is now when I withdrew it, or will I be able to claim married and wait till next tax season??
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 7, 2007, 11:26 AM
    If you marrynin July, you are considered married for the entire year.

    Your marital status will NOT affect the withholding, which is typically 20%.

    However, that is only a down payment. Your actual tax on the withdrawal could be as high as 50%, depending on your marginal tax rate and the state in which yo live. Expect to pay AT LEAST 35%.

    Think long and hard before doing this. It is a VERY EXPENSIVE decision!
    undecided's Avatar
    undecided Posts: 1, Reputation: 1
    New Member
    		  
    #3

    Apr 28, 2007, 01:41 PM
    Can I withdraw my 401k without penalty if I'm partially disabled?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Apr 28, 2007, 09:31 PM
    The disability has to be considered total AND permanent to qualify for the exception.
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