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My wife stopped working for a corporation when we had our child. Her 50K+ 401k has been rolled over into investments to avoid witholding but there is an additional investment account that she never paid a dime into (corporation did) and was to be like a "pension" upon retirement. As she was fully vested upon resignation, she can now receive a lump sum disbursement but I was concerned as to how much we would actually receive. Amount is only about $3,700.00. What in addition to the 20% federal witholding could we expect to incur?

2007-03-10 11:40:14 · 2 answers · asked by Sam R 1 in Business & Finance Personal Finance

2 answers

the 20% federal tax
+ state tax on the amount
+ 10% pentalities

2007-03-13 13:55:37 · answer #1 · answered by Wicked 7 · 0 0

Your LTD would be a private plan and which could be taxable, SSDI is everlasting disabiity and is not taxable except you have earnings which totals $25,000 as a individual. quicker or later you will get a tax bill in case you have not been submitting a tax return. frequently, you won't have the ability to be on the two incapacity plans on the comparable time. The state in all probability doesnt recognize approximately your inner maximum plan yet whilst they do you will would desire to pay back what they paid out reminiscent of what you gained from the internal maximum plan for the period of the comparable era.

2016-12-18 10:20:53 · answer #2 · answered by ? 4 · 0 0

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