Good morning Pearl! My name is ***** ***** I live in Florida What would be the estimated federal taxes
and penalties be on $85,000.00? Money pulled from non company based 401k investment. Thanks
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: Purchased new home in Feb 2016 for approx. $500,000.00. Sold home in Feb 2016 for $310,000.00 using money from personal
investment funds (stock, bonds, options, etc) so that I could put at least 30% as down payment. Received approx. $90,000 in sale of old home and applied to purchase of new. So I think I pulled at least $85,000 from the investment fund. Just trying to get rough estimate of tax burden
for 2016. (And yes, I will have other deductions
associated with preparing house for sale)
JA: Is there anything else important you think the Accountant should know?
Customer: Single, parent of 1 college student. Do have tax
increase moving from Orange County, FL to City of Orlando tax structure. Not sure of total cost deductions associated sale of house, but I know that will reduce my tax liability
in the end, somewhat.