Assuming you are UNDER the retirement age.... here's what will happen: The "tax" you paid during withdrawing the money was a penalty. Now you have to pay taxes on the money. So add up ALL THE MONEY. The 401k withdrawl PLUS your earnings PLUS your wifes earnings PLUS whatever other earnings you made. Now that is your TOTAL. Now you are in the highest tax bracket known to man. You are going to be taxed at about the 26 percent bracket. My tax man said, "If you would have spread it out between last year and this year, you would have saved THOUSANDS. If it makes you feel any better.... you are not the only one in that boat.
by Person of Interest 6 years ago
Those who are more knowledgeable than me (which is pretty much everyone ) can sort this one out..."Yet Mr. Ross told me that he paid 102 percent of his taxable income in federal, state and local taxes for 2010. “My entire taxable income, plus some, went to the payment of taxes,” Mr. Ross...
by k horan 7 years ago
is a paid internship taxable income
by xupe49dxb 7 years ago
Can I draw a lump sum payment from my 401k after my last day of employment when I retire?this is an employer profit sharing plan set up for guaranteed income 100% vested.
by Brie Hoffman 7 years ago
Anyone? I know it's after you make $50.00 but how long after?
by Jason Matthews 6 years ago
How do I get paid through my HubPages Earnings Program Account?I have earned money from my HubPages Earnings Program Account, but how do I actually receive the money I have earned? I have my PayPal account linked up and my tax info is approved. Is there a certain amount I must earn or a certain...
by Jimbo'daNimbo 6 years ago
http://www.weeklystandard.com/blogs/rom … 52850.htmlLooks to me like to boy has taken care of what needed to be done and given generously.How sad he didn't do what the left wants us to believe.
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