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How much income tax do you have to pay on a withdrawal from 401 plan after age 59.5?
Wiki User
∙ 14y ago
The taxable amount of the distribution will be subject to your marginal tax rates when the taxable amount of the distribution is added to all of your other worldwide gross income after your income tax return is completed correctly you will know how would be owed on the taxable amount of the distribution.
You are the only one that has all of the necessary information that will have to be reported on your income tax return for the year in order to do the calculation for the numbers that you are looking for.
If you would like to do some estimated tax calculations you would need to go to www.irs.gov and use the search box for 1040ES go to page 6 for the 2010 Tax Rate Schedules page 5 has the estimated tax worksheet.
You can find the estimated tax worksheet and instructions by using the below enclosed information
If you would like to do some estimated tax calculations you would need to go to www.irs.gov and use the search box for 1040ES go to page 6 for the 2009 Tax Rate Schedules and page 5 for the worksheet.
http://www.irs.gov/pub/irs-pdf/f1040es.pdf
You are welcome to try any of the calculators for some estimates to get an idea of what things may look like after using the correct IRS forms and compare the numbers.
Use your search engine and type ESTIMATED TAX CALCULATORS and you will be able to find several of them that you can use for this purpose.
Wiki User
∙ 14y ago
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What is the maximum before-tax percentage 401k contribution?
Your plan administrator should be able to tell you the percentage that your 401K plan will allow you to contribute as your part of the deferred compensation amount.The amount that an employee may elect to defer to a 401(k) plan is limited by the Internal Revenue Code. In addition, your elective contributions may be limited based on the terms of your 401(k) plan. go to the IRS gov web site and use the search box for Publication 525, Taxable and Nontaxable Income, for more information about elective contributions.Click on the below related links
What type of account contains contributions made after tax dollars?
Roth 401 (k) plan
When are taxes taken when you have money taken out for a 401-k deduction?
Taxes are imposed when you file your income tax return at the end of the year. Often, people think they have paid taxes on their 401K when they withdraw money from the plan. What happens is that the company handling the 401K plan will usually withhold federal income tax when you make a withdrawal. The taxes withheld is just like when taxes are withheld from your paycheck, in that this is merely a time that you make a preliminary payment toward your potential tax bill. When you file your return is when your actual taxes due are determined and based on the tax amount due, you may owe more or you may receive a refund of the amount you had withheld. You must be careful in that there are penalties for not paying close to the amount due during the year when the income is received.
Do you have to file tax returns if you are retired?
Income tax returns are generally based on the amount of income, not the source. However, Social Security and other income not from wages may be treated differently for Federal, state, or local taxes. (This can apply to IRA, 401-K, and annuities.)More information is available at the IRS link and your state tax agency.
How much will you get taxed if you took out of your 401k before retirement?
This depends on many different factors that you are not giving us in your question. If you withdraw money from your 401(k) before the age 59.5 then you will have a 10% tax penalty plus you will have to pay taxes on the amount as ordinary income. If you are over 59.5 years of age or if you meet certain exemptions you may not have to pay the penalty, you will still have to pay income tax on the withdrawl.
How can one make a withdrawal from their 401k account?
The employee needs to review the 401-K plan regarding the process on making hardship withdrawal. The employee can also contact the 401-K plan provider and inquire the provisions and procedures to process a hardship withdrawal.
Retirement Plan Withdrawal?
Retirement Plan Withdrawal Withdrawing money from a qualified retirement plan, such as a Traditional IRA, 401(k) or 403(b) plan, among others, can create a sizable tax obligation. If you are under 59 _ you may also be subject to a 10% early withdrawal penalty. Use this calculator to see what your net withdrawal would be after taxes and penalties are taken into account.
Mustafa contributes 11 of his 67200 annual salary to his 401(k) plan. What is his pretax income?
59,808
Will the government tax a withdrawal of after tax money from 401?
No.
What about 401k?
A 401(k) plan is a retirement account to which employee and employer contribute, on which taxes are deferred until withdrawal, and for which the employee selects the types of investments.However,the 401(k) plan has many ups and downs and many regulations. Read more here http://401ksource.info and http://personalfinance401k.weebly.com
What type of account contains contributions made with after- tax dollars?
Roth 401 (k) plan
What is a good age to start saving for a 401 k retirement plan?
Many people start saving for a 401 k retirement plan at many different ages. However, economists say that is is wise to start saving 10% of one's income at the age of 30.
How do you apply for piping design 401 k plan loan?
how do you apply for a piping design 401 k plan loan
Will bankruptcy remove your pension loan?
It depends on the nature of the loan, but probably not. Loans from your 401(k) or 403(b) are not considered a loan but an early withdrawal. The loan can be converted into an actual withdrawal, with the 10% penalty and having to pay the income tax on the amount withdrawn, but that is not usually recommended. The payments on the loan, generally included in your paycheck deductions, are included in your expenses.A loan against a structured pension plan is either treated like a 401(k) loan or a secured loan. The loan may be dischargeable in rare cases if the pension was not an IRS approved plan or if the loan agreement was not drafted correctly. Consult a bankruptcy lawyer in your state.
Is a 401 k a pension plan or an annuity?
It is a retirement account but it is different from a standard pension, in that the contributions are made by the employee and the distributions are regulated as tax-deferred income.
What is the 401k plan and what does it do?
A 401(k) plan is a retirement plan. It is offered to you through your employer. You decide how much to invest, and your employer deducts that amount from your payroll. This has tax benefits.
If you want to get out of IRA and go back to 401 k can you send money back to 401?
It depends on the provisions of your employer. Most will allow a rollover from another qualified plan (meaning an IRA or another 401(k) plan) but you have to be actively employed when you request to roll funds into the 401(k) plan.
