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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13577
Experience:  15years with H & R Block. Divisional leader, Instructor
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My issue is my 401K and using it to buy a condo. I do not

Customer Question

Customer: ***** ***** and my issue is my 401K and using it to buy a condo. I do not owe a home. I am 66 years old
JA: Thanks. Can you give me any more details about your issue?
Customer: sure I get a pension over 4300 and SS 1500 a month
JA: OK got it. Last thing — JustAnswer charges a fee (generally around $32) to post your type of question to Tax Experts (you only pay if satisfied). There are a couple customers ahead of you. Are you willing to wait a bit?
Customer: sure
JA: OK. Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
I can live on my monthly income, I just need about 80K from from 401K. to buy a condo in Florida. What will I have to pay in taxes at the end of the year?
Customer: replied 1 year ago.
Should I do it or continue to rent.
Customer: replied 1 year ago.
I have about 150K in my 401K.
Expert:  Robin D. replied 1 year ago.

Hello

A distribution form a 401k is taxable. You are over 59 1/2 so you will not have a penalty for early withdrawal but the tax will apply.

The amount will be added to your income and even some of your SS will be taxable (not all just some).

Would you like me to do an estimate?

At single your tax would be estimated at $31,000 (plus or minus $200).

After you view my response, please post below if you need more information or if you need no further clarification a positive rating is appreciated.
I know rating takes an additional step and I truly appreciate it when you take the extra time!

Customer: replied 1 year ago.
I am not happy with this service and I am working with my credit card for a refund.
Expert:  Robin D. replied 1 year ago.

My goal is to give you excellent service. I will send your post to Customer Support though.