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jgdarragh2285
jgdarragh2285, Accountant
Category: Tax
Satisfied Customers: 392
Experience:  Former IRS Agent, Master of Accountancy, Tax Return Preparer
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the amount is $35,000.00. what is the tax if i do not roll

Customer Question

the amount is $35,000.00. what is the tax if i do not roll it over into amy own 401k?
Submitted: 11 months ago.
Category: Tax
Expert:  jgdarragh2285 replied 11 months ago.

jgdarragh2285 :

How old is he?

jgdarragh2285 :

There is an additional penalty of 10% if he was under 59 1/2

Customer:

About 30.

jgdarragh2285 :

The actual tax rate is based on the tax bracket he is in. Assuming that it is not a roth IRA where he already paid tax on the contribution, then whatever his income is let's say he earned $80,000 this year, add the $35,000 to it and it would be $115,000 of taxable income which is 28%

jgdarragh2285 :

And youd have an additional 10% penalty since he is under retirement age.

jgdarragh2285 :

To determine exactly what the tax was I'd have to know exactly what his income was, andif you are filing jointly.

Customer:

THANKS. I'LL GET THE DETAILS FROM MY ATTORNEY AND GET BACK TO YOU. I GUESS I REQUEST JACUSTOMER-e81xh93w. HOW DO I MAKE THE REQUEST?

jgdarragh2285 :

You can go right to my profile or just come back to this question, my profile name is XXXXX XXXXX to the attorney and ask him if you can get a QDRO which is a qualified domestic relations order, it can be drafted by the court during the divorce proceeding and will make it so you don't have to pay the 10% penalty.

jgdarragh2285 :

http://www.justanswer.com/profile.aspx?PF=75705331&FID=0

jgdarragh2285 :

That should take you back to my profile

Customer:

GOT IT. THANKS.

jgdarragh2285, Accountant
Category: Tax
Satisfied Customers: 392
Experience: Former IRS Agent, Master of Accountancy, Tax Return Preparer
jgdarragh2285 and 4 other Tax Specialists are ready to help you

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