answersLogoWhite

0


Best Answer

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.

User Avatar

Wiki User

14y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What percent of income tax would be owed on a withdrawal from 401-K pland after age 59.5?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Continue Learning about Accounting

If IRS charged me for early withdrawal of my 401K will I be taxed again when I file my federal income tax?

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.


What is the percent do people pay annually in taxes?

You do not have a set percentage amount that each taxpayer would pay annually in taxes. The tax bracket percentage amounts change for each taxpayers amount of taxable income that they end up having to use to determine the correct amount of their federal income tax liability after the federal income tax return is completed correctly down to the line on the 1040 federal income tax return that says taxable income. Then you would know the amount of your federal income liability for the year and would be able to determine your percent that is being collected from you from your income for the tax year.


Do you still have to pay taxes on the twenty percent withholding from your distribution of your old 401k?

YES the taxable amount of the distribution is added to all of your other gross worldwide income on your 1040 federal income tax return and taxed at your marginal tax rate. If you are under the age of 59 1/2 and you do NOT meet any of the exemption form the 10% early withdrawal penalty then the 10% early withdrawal penalty will also apply to the taxable amount of the distribution. You will get a credit for the 20% amount that was withheld from your distribution amount as an advance payment of any possible taxes that would be due. When your 1040 federal income tax return is completed correctly the withheld amount will be entered on page 2 of the 1040 income tax return line 61 Federal income tax withheld from Forms W-2 and 1099 line 61 $$$$ amount.


If your taxable income is from 4000.00-7499.00 your tax is plus100 plus 5 percent of any amount 4500.00 then how much tax in dollars is due on a taxable income of 5800.00?

So you have 100 plus 5 percent of the amount over 4000. 2999 X .05 WOULD BE 120 PLUS THE 100 WOULD 220 CORRECT.


Percentage to pay in federal income tax?

You do not have a set percentage amount that each taxpayer would pay annually in taxes. The tax bracket percentage amounts change for each taxpayers amount of taxable income that they end up having to use to determine the correct amount of their federal income tax liability after the federal income tax return is completed correctly down to the line on the 1040 federal income tax return that says taxable income. Then you would know the amount of your federal income liability for the year and would be able to determine your percent that is being collected from you from your income for the tax year.

Related questions

401K Withdrawal?

Are you thinking about withdrawing money from a 401k you might have? If so, you might consider the consequences of withdrawing that money first. There are many fees and penalties that you have to pay if you take out the money too early. Another consequence to think about is how early withdrawal from a retirement fund will impact your future.You Have To Pay Income TaxAny money that you get in a given year is subject to an income tax. When it comes to taking money out of your 401k policy, you have to pay the same tax you would pay on any other income. So, if you were in the 15 percent tax bracket, you would have to pay 15 percent of that income in taxes. A 10,000 dollar withdrawal would mean paying 1,500 dollars in taxes.10 Percent Penalty On Early Withdrawals


If you plan to spend 9 percent of your monthly income on medical expenses how much would you budget for a monthly income of 1550?

If you plan to spend 9 percent of your monthly income on medical expenses, you would budget $139.50 for a monthly income of $1550.


Can you take money out of a 401k twice?

Yes. But, in each case you would pay the penalty and tax on the withdrawal as income that year.


What would be the amount for early withdrawal on 20000 6 percent CD if the penalty involves two months of interest?

$200


What percent of government revenue is income tax?

I would say it's 52%.


If IRS charged me for early withdrawal of my 401K will I be taxed again when I file my federal income tax?

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.


What if one wins fifty lakhs what would be the tax deduction?

30 percent of the total income


What if you are a family of two with an annual income of 9695.00 what would 200 percent of this be?

200% of $9,695.00 = $19,390.00


What's 30 percent of gross income of 39000?

after taxes you would be making like 27,300 a year.


What is the percent do people pay annually in taxes?

You do not have a set percentage amount that each taxpayer would pay annually in taxes. The tax bracket percentage amounts change for each taxpayers amount of taxable income that they end up having to use to determine the correct amount of their federal income tax liability after the federal income tax return is completed correctly down to the line on the 1040 federal income tax return that says taxable income. Then you would know the amount of your federal income liability for the year and would be able to determine your percent that is being collected from you from your income for the tax year.


A family spends 9 percent of it income on entertainment how much do they spend if their monthly income is 5000?

450 dollars would be spent a month on entertainment if the family spends nine percent of their $5000 income monthly on that. You figure this by multiplying .09 by 5000 giving 450, which is the amount spent monthly on entertainment.


Va benefits of 100 percent and social security disability?

VA disability compensation is not taxable income that you would report on your 1040 income tax return. IF you do not have any other gross worldwide income to be reported on your 1040 income tax return. None of the social security benefits will be taxable income to you and you would NOT be required to file a federal 1040 income tax return