Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

I ELECTED A FULL PAYMENT OPTION ON MY ...

Customer Question
I ELECTED A FULL PAYMENT...
I ELECTED A FULL PAYMENT OPTION ON MY PENSION PLAN I WAS WONDERING WHAT IS THE PERCENTAGE THAT THE COMPANY CAN KEEP TO PAY FEDERAL TAXES? THE TOTAL THEY ESTIMATED IS $3,092.11 WHAT PERCENTAGE ARE THEY ALLOWED TO KEEP? IF I CHOOSE THE FULL PAYMENT ARE THEY ALLOWED TO OVERRIDE MY CHOICE AND SEND ME A PAYMENT INSTEAD?
Submitted: 9 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
6/2/2008
Tax Professional: Bill, Enrolled Agent replied 9 years ago
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
Verified
If you elected to receive a lump sum distribution then the plan is required to withhold 20% of the taxable portion for federal income taxes. You can elect to have more than 20% withheld but not less.
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
Verified
Bill and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Bill Your Own Question
Bill
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
3,153 Satisfied Customers
Experience: EA, CEBS - 35 years experience providing financial advice

Bill is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I spoke to you about federal tax lien release and expiration
I spoke to you about federal tax lien release and expiration at the 10 years after assessment. If I purchase a home after the expiration of statute of limitations, can irs lien and demand payment at t… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Tax estimate pymt error. Sent check to estimate for 2500.00
sent check to estimate for 2500.00 in item amt field and printed 25.00 in write number field and check cleared at bank for 25.00. how can I check where error occured … read more
abci168
abci168
Principal
27 satisfied customers
I'm trying to get the forms for estimated tax online but I
I'm trying to get the forms for estimated tax online but I keep getting this site to get on-line forms. I install then they don't work. How can I get the forms. Also last year I could pay from my chec… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Do I have to pay federal income tax on Monet received from
Do I have to pay federal income tax on Monet received from insurance due to hurricane damage to my home? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Federal Tax Question: My mother died on Feb 26, 2017. She
Federal Tax Question: My mother died on Feb 26, 2017. She had a trust. Some of the trust money has been distributed to the beneficiaries. The trust earned $400 in interest for 2017. Must the $400 be g… read more
Carter McBride
Carter McBride
LLM
252 satisfied customers
I have a question about estimated tax filing and 1040-es
I have a question about estimated tax filing and 1040-es form. … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,083 satisfied customers
I have a tax question for required minimum distributions
I have a tax question for required minimum distributions after 70.5 years of age.Let's suppose someone takes 5 times the RMD in 2016. Can any portion of that money count for 2017? In other words, can … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Geetings- RE: Equitable distribution and distributive award.
Geetings-RE: Equitable distribution and distributive award.E.D. Judgment: marital home is over-valued. . Broker uses the courts over-valued sales price. . 5 five months later broker recommends $75K sa… read more
Patrick Mullis
Patrick Mullis
Masters
18 satisfied customers
Can an estimate of my 2018 property taxes be included on my
Can an estimate of my 2018 property taxes be included on my 2017 tax return if the 2018 estimated taxes are paid before Jan. 1, 2018? The estimated 2018 taxes would have to be based on my 2017 taxes s… read more
abci168
abci168
Principal
27 satisfied customers
Will my filing of federal taxes by the April deadline be
Will my filing of federal taxes by the April deadline be according to the current set of laws (e.g. unlimited deduction of state and local taxes) or will the new "reformed" tax bill and its new rules … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,798 satisfied customers
Personal Estimated Federal Tax/Illinois payment: My federal
Personal Estimated Federal Tax/Illinois payment:My federal and IL taxes deducted on regular basis from pay check as employee. But I have S corp for which I know rough profit at 4th quarter since my ve… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,083 satisfied customers
I mailed a check to estimated taxes but it hasn't gone to
Second opinion] I mailed a check to estimated taxes but it hasn't gone to bank. should I be concerned … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,798 satisfied customers
Second opinion] I mailed a check to estimated taxes but it
Second opinion] I mailed a check to estimated taxes but it hasn't gone to bank. should I be concerned … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I mailed a check to estimated taxes but it hasn't gone to
Second opinion] I mailed a check to estimated taxes but it hasn't gone to bank. should I be concerned … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I mailed a check to estimated taxes but it hasn't gone to
I mailed a check to estimated taxes but it hasn't gone to bank. should I be concerned … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,083 satisfied customers
What does "Distributions Other Than Dividend Distributions"
what does "Distributions Other Than Dividend Distributions" mean on a corporate tax return? Was the amount listed actually giving to the shareholder? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,083 satisfied customers
Where can I get the Federal income tax regulation? Where can
Where can I get the Federal income tax regulation? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I owe 17000.00 in federal taxes I have pension that i need
Hi I owe 17000.00 in federal taxes I have pension that i need to roll over from a previous job. the pension is 49000. I can afford to pay my tax debt without working overtime and that is not a gaurant… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x