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Question

I am getting divorced In Lane County in Oregon. I am recieving 62,000 from his 401k. I want to know how much I will be taxed on this money when I go and pay off all our bills?

Submitted: 31 days and 12 hours ago.
Category: Tax
Value: $18
Status: CLOSED
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State/Country relating to Question: Oregon

Posted by Marvin,EA 31 days and 12 hours ago.

Info Request

Hello and thank you for using Just Answer. Do you know how much your other taxable income you will receive in 2009?

31 days and 12 hours ago.

Reply

I am not employed so 0

Accepted Answer

The amount of federal income tax will be about 20% of the $62,000 or $12,400. You should receive $49,600 from your ex-husband 401K less the $12,400 due to 20% must be withheld from all 401K withdrawals. You still must file a 2009 federal income tax return to report the $12,400 withheld from your ex-husband 401K.

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Expert: Marvin,EA
Pos. Feedback: 98.5 %
Accepts: 
Answered: 10/21/2009

Enrolled Agent

10 years self employed , Income Tax Preparation & Representation

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