0
If IRS charged me for early withdrawal of my 401K will I be taxed again when I file my federal income tax?
Wiki User
∙ 15y ago
Yes. That was the penalty for early withdrawal. What you received is then taxed as income received (which it would be whenever you received it). You did not pay tax on it when you put it in the account. Now more than likely, you actually only had something withheld on withdrawal, like withholding on pay. The penalty and tax on income will be calculated with your return, where you'll then take a credit for the amount withheld and true up to what the total actual tax and penalty is. I would point out that in all distributions of this type it was explained to you several times and you likely signed several documents explaining what would happen and you understood it. The Co paying it out was required to withhold I believe at 20%, the penalty is not that much, but the income tax, especially if it a substantial withdrawal putting you in a higher than normal tax bracket that year, will frequently be higher than the 10% left.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
If you own back taxes can you deduct payment of these taxes or its penalties or interest?
YOU CAN'T GET A REFUND "ESSENTUALLY" MONEY YOU OWE TO THE GOVERNMENT. IF YOU COULD DEDUCT IT THEN (MEANING A BENEFIT/PAYBACK FOR YOURSELF) WHY WOULD YOU BE ASKED TO PAT IT TO BEGIN WITH? To above - because a deducion doesn't equal tax (that is called a tax credit)...following your logic ----if deductions didn't help lower tax...why would any exist? == == == == The Federal tax you pay isn't deductible from your income to then calculate the tax you pay (thats completely circular thinking). You determine your income before Fed tax and pay your tax based on that income. However, State income taxes are deductible from Federal income...so if you pay back State income taxes, you probably can get a refund of the Federal tax you paid on that deductible amount. Again, obviously State income tax isn't deductible in calculating the amount of State income you have to pay tax on. It makes no difference if you pay the tax on time or late...it isn't deductible from itself. Penalties are never deductible....it's contrary to public policy that someone should get a benefit from their wrong doing. Again doesn't matter if the penalty is for late filing, or for dealing drugs, or whatever. Again, interest that isn't on the mortgage for your house, or basically part of a business enterprise, isn't deductible for anyone. Certainly not for paying taxes late or such.
How much annual income do you have to earn in order to owe the IRS 18000.00?
We can't tell you, because how annual income translates into taxable income depends on a lot of factors.This may help:If are single and your taxable income was $88,000 in 2013, you would have owed very close to $18,000 in federal taxes.Because of deductions and exemptions, the annual income would have to have been somewhat higher, and it's hard to specify exactly how much because it depends on a lot of factors. At minimum, you should add the amount for the personal exemption (probably) and the standard deduction (again, probably) to come up with the annual income.
What is the difference between a gross and net withdrawal from a retirement fund?
Gross withdrawal . . . - the amount taken out of your fund;- the amount that your fund shrinks;- the amount smaller your fund becomes;- the dollars you won't see again. Net withdrawal . . . - the amount you actually get;- the amount handed to you after the bank or fund takes their feeas a token consideration in return for the intense discomfort thatthey had to suffer while storing and handling your money.
Is an income tax refund considered 'other income' for line 10 of form 22A to get average six month income?
Official from 22A is for a bankrupcty petition- line 10 asks for 'all other income from other sources, whether taxable or not'. The IRS wouyld not consider it income, but bankrupcty is another matter. (For example- if you apply for food stamps, every imaginable source of income and asset is included). I'm not positive what a Form 22a is- not a standard US Tax form for personal filiers. I understand there may be a form with that number in Canada and one in some court proceedings. In which case you should get the specific directions for it, but generally the idea below holds for most annualization processes....that tax refunds are not repetitive in other periods and you annualize "blind" to tax to start. Federal income tax refunds are "after tax" money, that is not includable in income (again). That is because the tax you paid was NOT deductible from your earnings in the year you paid it. Included in income once is enough, thank you. Although I suspect the IRS wouldn't argue if you wanted to do it again! Even with the better description of where it is being asked - I don't think it would ever be income - Yes, it is an asset - (most properly shown as funds on deposit or an account receivable on the Balance Sheet component of a financial statement). Presumably, in a bankruptcy you would declare your assets, liabilities and income. Only certain types of each may be used to pay creditors.
Do you have to file Alabama state tax and will you get in trouble if you file once and don't file again?
You have to file every year if Alabama has a state income tax and you made the required amount of money or had state income tax taken out of your pay.
This is for what you?
This is for what you were already charged, you will not be charged again.
Will taking prempro stop your withdrawal bleeding?
It might temporarily, but then the withdrawal bleeding would probably start again when you stopped Prempro.
What caused more opportunities for accountants in 1913?
In 1913, the responsibilities of and job opportunities for accountants again expanded with the ratification of the sixteenth amendment to the U.S. Constitution, which allowed a federal income tax.
I stopped taking birth control after i got my period i never restarted it again but then a few days after i was spotting..how do i know when im suppose to get my periodwas that like a period confused?
What you experienced is the withdrawal bleed which is caused by the hormones decreasing from your system. After the withdrawal bleed occurs, this means your body is begining to ovulate again and you're at risk of pregnancy. There is no accurate way of saying when your period will arrive. It can be anytime after the withdrawal bleed upto 4 weeks.
If you use heroin after finishing withdrawal will you withdrawal after one time?
You will not suffer any withdrawal symptoms unless you use again. Once you have gone through that awful experience of the withdrawal you never have to worry about feeling like that unless you pick up again. The guideline I use is to not use anymore than 2 days in a row, if I go to 3 or more then the withdrawal always comes back Best medication if you can find a doc who prescribes it, is Suboxone. Usually it is psychiatrists who have been specifically licensed to prescribe it. If you take that, (or Ultram) withdrawal is comfortable. Contact a drug clinic for a referral for a doc who prescribes on out patient status Just always be prepared to have to go through it again if you use more than 2 days.
Can someone else be charged for a crime if it is dismiss?
If the charges are dismissed, it can be charged again if sufficient additional evidence is presented.
Is your federal income tax refund considered income on your state return?
I can't answer for all states, but in VT the amount of Federal tax refunds are not taxable on the state return. Further in that VT piggy-backs the federal return. (Uses the federal tax as basis for computing state tax), it would take some tricky math to calculate. The state refund is taxable on the federal return (if you itemized deductions the year before), so in that instance, the amount of the state refund for that year would, in fact, be taxed on the federal return and thus that portion would be again taxed by the state (VT) as a result of the "piggy-backing" method used by the state.
Is it safe to take a 60 mg morphine to combat percocet withdrawal?
Morphine will reduce the withdrawal symotoms, but will do nothing toward detoxing from the percocet, since both are opiates. You will simply go into withdrawal again when the morphine wears off. You need to be detoxed in a medical setting.
Can one be charged again after being arraigh?
An arraignment is the appearance before the court where charges are read and a plea entered. You can be charged again after being arraigned, but the charges would be new ones.
What if the person was not in front of the judge when dismissed can they be charged again?
It will depend on what the judge says. If the judge dismisses the case "With Prejudice" it means that the case cannot be brought again. If the judge dismisses the case "Without Prejudice" it means that the case can be brought again and the person could be charged again.
If you made it to the third day of heroin withdraw and used would you repeat withdrawal all over again?
Yes
Is it correct to begin a sentence with 'yet'?
Yes, it is correct to begin a sentence with "yet" when used as an adverb to show contrast or as a conjunction to introduce a contrasting point. For example: "Yet, despite the challenges, he persevered."
