My previous question did not contain enough details.
Married filing seperately/no dependents/no deductions/under 59 years old
Earned 86K in salary and bonuses
Cashed out 58K from 401k
20% withheld from 401k cash out
Federal taxes witheld YTD is 20k
Thank you very much to the folks who responded to my earlier positng of this similar question
2007-12-04 08:26:22 · 3 answers · asked by notsobrite 1 in Business & Finance ➔ Taxes ➔ United States
OK, total income still $144K
Withholding 20K from salary and bonuses + $11,600 from 401K - total $31,600
Taxable income $146,000 - 8750 = $135,250
Married filing separately, tax on that is $34,623.25 (is 33% bracket - married filing separately is worst tax filing status)
Penalty for 401K early withdrawal is still $5800
Total tax so far $40,423.25
Minus the 31,600 paid in so far says that
So far, you owe $8823.25
2007-12-04 08:46:22 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You need to break down the 401k info a little; what is the distribution code? If it is a 1 then you get slapped with a 10% early distribution penalty. Also, how much of the 401K is taxable? Answer those and I can tell you what your FIT will be to the penny.
2007-12-04 08:47:56 · answer #2 · answered by acmeraven 7 · 0⤊ 0⤋
Use Forom 1040 ES to estimate
2007-12-04 08:57:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋