pinitly? Or is there someway you can claim it as your income, sence you could not get unemploment. help time is running out!!!!! tax problem man
2007-04-07 16:54:21 · 2 answers · asked by steve m 1 in Business & Finance ➔ Taxes ➔ United States
That all depends on what you mean by your "thrift money." Never heard that term, so it's difficult to answer your question.
If you took money out of your SAVINGS account, then no, you don't have to pay taxes on that. But if you took money out of your 401k, IRA, or Roth IRA -- yes, you'll have to pay taxes and a penalty on it. Still, it's likely that any of those would have taken out the penalties before they sent you the check. You should have received a statement about that.
2007-04-07 17:01:13 · answer #1 · answered by ISOintelligentlife 4 · 1⤊ 1⤋
If by "thrift" money you mean retirement plan......
Yes, you will pay taxes on the money as well as a 10% penalty if you are under 59 1/2 years old.
2007-04-08 11:31:54 · answer #2 · answered by Wayne Z 7 · 1⤊ 0⤋