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I am medically retired at age 60. what are the tax consequences

 
Marvin,EA's Avatar
  • Answered by:Marvin,EA
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Customer Question

I am medically retired at age 60. what are the tax consequences of taking a $6000.00 withdrawel from my 457 account with the state of mi. for dental work. I now live on ssd

Submitted: 1025 days and 4 hours ago.
Category: Tax
Value: $15
Status: CLOSED
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Expert:  Marvin,EA replied 1025 days and 3 hours ago.

Hello and thank you for using Just Answer. What other income do you receive beside SSI?

Customer replied 1025 days and 3 hours ago.

small pension $749.00 per month

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Expert:  Marvin,EA replied 1025 days and 3 hours ago.

If your filing statues is single your federal income tax will be $564.00.

 

The amount of Minnesota tax will be $794.00. You may be eligible for Minnesota's property and rental credit if you pay property tax or rent.

Expert TypeEnrolled Agent
Pos. Feedback: 98.5 %
Accepts: 1605
Answered: 8/1/2009

Experience: 10 years self employed , Income Tax Preparation & Representation

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