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Anne, Master Tax Preparer
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Experience:  Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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I took out all my 401k in june because I lost my job. The amount

Resolved Question:

I took out all my 401k in june because I lost my job. The amount was 22,238.59.
They took out 1219.13 for a loan I had on it and also 4447.72 for my fed. taxes.
How much do I owe for state taxes? I live in minn. Also where would I mail the
money I owe? Thanks Sue
Submitted: 5 years ago.
Category: Tax
Expert:  Anne replied 5 years ago.
HiCustomerbr />
Thank you for using justanswer. Unfortunately in today's financial climate, people needing early distributions from their 401K or other retirement plans is becoming more and more common.

You will include the $22,238 distribution on your 2009 personal income tax just as you would any income from employment or interest earned on a savings account for example.

According to the 2008 MN tax table (2009 isn't yet available), the tax on your distribution if you are Married Filing Jointly, Head of Household, or Single is $1190.

$22238 x 5.35%=$1190

If your status is Married Filing Separately, the tax on your distribution would be $1568

$22238 x 7.05% =$1568

There are a variety of ways to actually pay these estimates (electronically by cc, mailing in a check, etc) Please see below for information on where to send your payment if you want to mail it or how to pay it electronically if that is your choice.

Individual Estimated Tax Instructions (2009)

I hope this helps.


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Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 1785
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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