Hi. My question is about federal tax
I can expect to pay in 2013, because I took an early withdrawal on my federal Thrift Savings Plan (TSP - the gov't 401K thing) of 90,000. I know there is a 10% penalty, but they did not withhold it. I assume I have to pay that when I file my 2013 taxes
, which is $9000, but I don't know if the taxable portion of the 90K is the full 90K, or 81K. I am not eligible for any of the penalty exceptions.
In 2012 and last couple years, my income and deductions
have been about the same, except now I have the 90,000 I withdrew from the TSP. AGI 178,000. Taxable income
: 135,000. Amount of federal tax paid in 2012: 31,000. I am single. Last year, I had 40K withheld in federal tax, but actually paid 31K and got a refund.
So assuming all income and deductions are the same for 2013, with this 90K withdrawal added to my income, what ballpark federal income tax
can I expect to pay in 2013? Also, I live in WV, and I don't know if WV taxes the full 90K too.
I am asking this to find out how much income tax I can expect to pay, and how much of that 90K I should withhold on my own so I break even in paying tax. Last year, 40K was withheld, but I actually paid 31K and got a refund.