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 Megan C Your Own Question

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 15588
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
23669918
Type Your Tax Question Here...
Megan C is online now
A new question is answered every 9 seconds

Hello, I would like to take money out of my IRA. I am aware

Resolved Question:

Hello,
I would like to take money out of my IRA. I am aware there is a 10% penalty. What are the state and fed taxes I need to pay for taking 40k out?
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today?

Megan C :

To calculate your tax, I would need to know some more information about you.

Megan C :

First, what is your filing status - married, single, head of household

Megan C :

How many dependents do you have/

Megan C :

If you are married, do you file a joint return?

Megan C :

Also, what is your other income? How much do you (and your spouse) make from other sources?

Megan C :

All this is relevant, because it will help determine what tax bracket you are in. The higher your tax bracket, the greater the tax.

Customer:

head of household

Megan C :

Thanks for that information. I'll wait until you have the rest of the information for me.

Customer:

12 year old son, last year income 115k, this year 125

Customer:

I just started a new position in July at 125k

Megan C :

Does the 125 include your 40K withdrawal

Customer:

no it doesn not

Megan C :

Okay thanks for that. Do you take the standard deduction, or do you have mortgage interest and real estate taxes?

Customer:

I believe I take mortgage interest and real estate taxes.

Megan C :

Do you know how much your mortgage interest, real estate taxes, and medical expenses are? Do you make charitable contributions?

Megan C :

I'm trying to give you the most accurate tax total as possible.

Megan C :

But we can eyeball it based on the standard deduction, it should be pretty close. I'd rather tell you too much tax than not enough.

Customer:

$1,561.06, county tax

Megan C :

ok thanks for that

Customer:

medical out of pocket apprx 330/mo and I donate clothes to AmVet and occationally to Amnesty intl.

Megan C :

Your medical would not be enough to get you a deduction, I can already tell.

Customer:

I just started paying out of pocket in July for healthcare

Megan C :

ok

Customer:

all right.

Megan C :

Your 401(k) will bump you from the 25% bracket into the 28% bracket.

Customer:

ok.

Megan C :

So, federal you're looking at $11,200

Megan C :

plus the $4,000 penalty

Customer:

all right

Megan C :

and I'm calculating state tax now. It's a rough figure.

Megan C :

About $3,720

Megan C :

I did that by taking your federal taxable income and seeing the difference between your total income and your income without the 401(k) distribution, using California's income tax calculator.

Megan C :

You're looking at a hefty tax bill on this withdrawal.

Megan C :

Did you have any further questions about this?

Customer:

Yes. It's hefty.

Megan C :

I'm sorry that I didn't have better news

Customer:

I don't. Thank you. You have been very helpful.

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 15588
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and other Tax Specialists are ready to help you
Expert:  Megan C replied 1 year ago.
Thanks, Rose for your positive rating. Please come back and visit me any time you have a question that needs answered. It was a pleasure working with you today.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
< Last | Next >
  • http://ww2.justanswer.com/uploads/KU/KUMI95/2013-9-30_195031_kumar.64x64.jpg Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
  • http://ww2.justanswer.com/uploads/CU/Cuttinggirl/2011-10-29_03719_wcrop2.64x64.jpg Wendy Reed's Avatar

    Wendy Reed

    Enrolled Agent

    Satisfied Customers:

    3052
    15+ years tax preparation and tax advice.
  • http://ww2.justanswer.com/uploads/CATax/2009-08-04_204548_Mark.jpg Mark D's Avatar

    Mark D

    Enrolled Agent

    Satisfied Customers:

    985
    MBA, EA, Specializing in Business and Individual Tax Returns and Issues
  • http://ww2.justanswer.com/uploads/IN/insearchoftheanswer/2013-8-16_0233_attorney.64x64.jpg Richard's Avatar

    Richard

    Tax Attorney

    Satisfied Customers:

    3229
    29 years of experience as a tax, real estate, and business attorney.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    6121
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JG/jgordosea/2012-6-7_43138_GordosVeritas.64x64.jpg jgordosea's Avatar

    jgordosea

    Enrolled Agent

    Satisfied Customers:

    2783
    I've prepared all types of taxes since 1987.
  • http://ww2.justanswer.com/uploads/OZ/ozaukeecpa/2012-6-7_193219_Picture1croppedandshrunk.64x64.jpg MequonCPA's Avatar

    MequonCPA

    Certified Public Accountant (CPA)

    Satisfied Customers:

    2231
    CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
 
 
 
Chat Now With A Tax Professional
Megan C
Megan C
Tax Professional
15588 Satisfied Customers
Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level