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I am finishing up divorce proceedings with my wife. She has…

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Hello, my name is*****...

Hello, my name is***** and I am finishing up divorce proceedings with my wife. She has a 401K program with a major airline. She owes me in the settlement an amount of $51,280 that she is taking out of her 401 and creating a separate retirement account for me. If I take all the money out at one time will ther be any penalties charged to me at my age of 69 years

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Submitted: 11 months ago.Category: Finance
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Answered in 27 minutes by:
8/4/2017
Financial Professional: emc011075, Tax adviser replied 11 months ago
emc011075
emc011075, Tax adviser
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Satisfied Customers: 3,865
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

At 69 no, there will be no early distribution penalty or any other penalties. The 51,280 will be added to your taxable income and taxed according to your tax brake.

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Customer reply replied 11 months ago
Taxable this year? What if I live in Mexico retired here
Financial Professional: emc011075, Tax adviser replied 11 months ago

Yes, it will be taxable in the year you take the distribution. 2017 tax return will be filed in 2018. Distribution from US 401K is US source of income and 51K is more than the minimum filing requirement. You will need to file US tax return.

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Financial Professional: emc011075, Tax adviser replied 11 months ago

Are you US citizen or green card holder?

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