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As part of a divorce settlement, my ex is requesting money…

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As part of a divorce...
As part of a divorce settlement, my ex is requesting money that I will have to withdraw from my 401K plan paying a penalty and tax if it is paid in a lump sum in lieu of alimony. Will she have to pay tax on the monies or that have to be a part of the agreement. She will not take a roll over into an tax deferred IRA.
Submitted: 2 years ago.Category: Family Law
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1/16/2016
Family Lawyer: Loren, Lawyer replied 2 years ago
Loren
Loren, Lawyer
Category: Family Law
Satisfied Customers: 37,848
Experience: 30 plus years of experience.
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Good afternoon. I am Loren, a Florida licensed attorney, and I look forward to assisting you.

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Family Lawyer: Loren, Lawyer replied 2 years ago

If your wife takes the money in cash, rather than rolling it directly into an IRA plan of her own, she has 60 days to deposit the amount into a retirement account. After that, she must pay taxes on it as ordinary income. If she hasn’t yet reached age 59½, she, not you, will be subject to the 10 percent penalty unless she receives a special exemption from the IRS. For example, if she is disabled, she’s not subject to the penalty. She won't have to pay it if she uses the funds toward tuition for herself or a dependent, or if she uses up to $10,000 of it as a down payment to buy a home. She would still have to pay income tax on it, though.

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Family Lawyer: Loren, Lawyer replied 2 years ago

Did you have further questions? Have I answered your question?

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Family Lawyer: Loren, Lawyer replied 2 years ago

If you have no further questions please remember to rate my service so that I am credited by JA for answering your question and also so that I may close the question. Thanks.

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