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Stephen G.
Stephen G., Sr Financial Expert
Category: Finance
Satisfied Customers: 6172
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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Ms. Gates...I closed my 401K when I lost my job, paid the

Customer Question

Ms. Gates...I closed my 401K when I lost my job, paid the 20% before receiving my net. I am in the process of doing my taxes and have included the 1099.
JA: Thanks. Can you give me any more details about your issue?
Customer: Why is it that I'm being shown I owe additional 10K
JA: OK got it. Last thing — Financial Professionals generally expect a deposit of about $18 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 10 months ago.
Category: Finance
Expert:  Stephen G. replied 10 months ago.

The 20% withholding is just the minimum required withholding amount on 401k distributions; it doesn't represent what you will actually owe on the distribution; that can not be determined without all of your income tax information which would either come with a detailed tax planning session or when you actually prepare your return.

Do you qualify for an exception to the 10% early withdrawal penalty, or has that been figured into the amount you owe?

Expert:  Stephen G. replied 10 months ago.

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Expert:  Stephen G. replied 9 months ago.

Questions?