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Ms. Gates...I closed my 401K when I lost my job, paid the…

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Ms. Gates...I closed my...

Ms. Gates...I closed my 401K when I lost my job, paid the 20% before receiving my net. I am in the process of doing my taxes and have included the 1099.

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

Why is it that I'm being shown I owe additional 10K

Submitted: 2 years ago.Category: Finance
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Answered in 21 minutes by:
2/3/2016
Financial Professional: Stephen G., Sr Financial Expert replied 2 years ago
Stephen G.
Stephen G., Sr Financial Expert
Category: Finance
Satisfied Customers: 7,473
Experience: Extensive Experience with Tax, Financial & Estate Issues
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The 20% withholding is just the minimum required withholding amount on 401k distributions; it doesn't represent what you will actually owe on the distribution; that can not be determined without all of your income tax information which would either come with a detailed tax planning session or when you actually prepare your return.

Do you qualify for an exception to the 10% early withdrawal penalty, or has that been figured into the amount you owe?

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Financial Professional: Stephen G., Sr Financial Expert replied 2 years ago

Just Checking In.......I see that you have seen my response; are you having any trouble with the rating system?

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Financial Professional: Stephen G., Sr Financial Expert replied 2 years ago

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