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 Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13316
Experience:  15years with H & R Block. Divisional leader, Instructor
14155347
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

I have 28000 in 401k loans, if I change jobs it's a 10%

Customer Question

I have 28000 in 401k loans, if I change jobs it's a 10% early withdrawal fee added to that, that either must be paid back in full or defaulted on and taxed as income. Can you tell me what I might owe in taxes as a single, head of household, have one child that I cannot deduct this year? I need this information, as well as if it's does payment plans, and what those might be.
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Hello

I would be happy to complete an estimate for you but I need to know what your earnings are for the year (or expected to be) so I can add that to the $28000 that would be income to you if you default.

The estimate needs to include all your income not just a possible 401k default amount.

An Installment Agreement is easy to request and can be completed online.

http://www.irs.gov/Individuals/Payment-Plans-Installment-Agreements

Tell me your annual wages and I can complete the estimate you need.

Expert:  Robin D. replied 1 year ago.

My goal is to provide you with excellent service today but I need to know your total income if an estimate is still needed by you.