How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

i took out my retirement early, what will be taxes on 25,0

This answer was rated:

i took out my retirement early, what will be taxes on 25,000?

LEV : Hi and welcome to Just Answer!When you take a distribution - the administrator generally withholds 20% to cover your possible tax liability. Your tax liability is determined when you file your tax return - and is based on your total income, filing status, dependents, other deductions , etc. If withholding is more than your tax liability - you will claim a refund on your tax return. Assuming - you are in 15% tax bracket - your federal income taxes would be $25,000%15%=$3750.In additional if you are below 59 1/2 at the time of distribution - there will be additional 10% penalty - or $2500. However - there are some exemption from penalty - so if that is a case - be sure to verify.
Lev and 2 other Tax Specialists are ready to help you