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 Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29528
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

I have a question regarding early pension/457 withdrawal.

Customer Question

I have a question regarding early pension/457 withdrawal. Does the 20% withholding satisfy the IRS for the balance of the tax year, or will I be required to make quarterly tax payments?
Submitted: 11 months ago.
Category: Tax
Expert:  Lev replied 11 months ago.

At the time of distribution - the administrator is required to withhold 20%.

Withholding is NOT your actual tax liability.

Expert:  Lev replied 11 months ago.

Your actual tax liability is based on TOTAL income, filing status, deductions, etc.

Withholding may be more or less than your actual tax liability.

On your tax return - withholding is credited toward total tax liability - and if overpaid - you will claim a refund.