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Merlo, Accountant
Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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i withdrew 62000 from my deffered comp plan to pay my ex wife

Resolved Question:

i withdrew 62000 from my deffered comp plan to pay my ex wife a divorce settlement. the irs deducted 12000 tax. i am retired and receive 28000 yearly nys pension. how much tax will i owe this year?


Submitted: 6 years ago.
Category: Tax
Expert:  Merlo replied 6 years ago.

Hello Tim,


Your total taxable income for the year would be the $62,000 deferred comp plan withdrawal plus your $28,000 NYS pension, for a total of $90,000. If you file your taxes as a single person and claim the standard deduction, your taxable income after applying your standard deduction and one personal allowance would be $80,650. Your tax liability on this amount would be approximately $16,344.


If you already had $12,000 deducted when you withdrew these funds, then you will owe approximately an additional $4,344 to cover what you will owe for the year.


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Thank you Tim







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