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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12139
Experience:  Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
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I may be withdrawing $4000.00 from my retirement account I

Resolved Question:

I may be withdrawing $4000.00 from my retirement account I have with Scottrade. I want to know how much in penalties and taxes I will be paying. I live in the state of PA.
Submitted: 8 months ago.
Category: Tax
Expert:  Megan C replied 8 months 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 :

What is your age, and filing status?

Megan C :

About how much is your other income for the year?

Megan C :

I can say if you are under 59.5 you will pay a $400 penalty. As for the tax, it all depends on your situation.

Customer:

46 Age I got married in July this year so not totally sure on the status My personal income is about 14,400 a year if that I have had some health isues this year.

Megan C :

You will be married. What is your spouses income?

Megan C :

This will help me determine which tax rate you are in

Customer:

His is around $60,000 I think. We will only have been married half the year though when we file

Megan C :

It doesn't matter - if you got married on december 31 you are considered married the entire year for tax purposes

Megan C :

let me run a calculation for you.

Megan C :

You are in the 15% tax bracket, so your tax would be $600

Megan C :

So you have $1,000 of federal taxes let me calculate state

Megan C :

Your PA tax would be $122.80

Megan C :

So you have $1,122.80 in taxes

Megan C :

Is there anything else that I can assist you with today?

Customer:

So $1122.80 in taxes plus the $400 penalty?

Megan C :

No that includes the penalty

Customer:

So pretty much any amount I take out the penalty and the federal tax would be about 15% right?

Megan C :

Yes, the penalty is 10% and the tax is 15%

Megan C :

You have $600 in tax, $400 in penalty for a total of $1,000

Megan C :

So federal will be 25%

Megan C :

if you add penalty and tax together

Customer:

Oh I meant 25% so what is the percentage on PA state for my tax bracket?

Megan C :

PA is 3.07%

Customer:

Ok thank you I can work with that. Just moved from VA and not sure what the story was here. HAve a great day

Megan C :

You too

Megan C :

If you would, please take a moment to rate my response as "Excellent" so that I may receive credit for assisting you today

Megan C :

The rating feature is located along the bottom of your screen

Customer:

I am trying to click on the rating but it is telling me that you have not finished your answer and must do so before I can rate you

Megan C :

The rating feature is located along the bottom of the screen

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12139
Experience: Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
Megan C and other Tax Specialists are ready to help you
Expert:  Megan C replied 8 months ago.
Thanks, Dawn for your positive rating. Please come back and visit me any time you have a tax, finance, or social security question that needs answered. It was a pleasure working with you today.

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