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I am 67 years old. If I cash in some of my 401K how will my

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2010 taxes be affected?...
I am 67 years old. If I cash in some of my 401K how will my 2010 taxes be affected?
Submitted: 7 years ago.Category: Tax
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2/15/2010
Tax Professional: Merlo, Accountant replied 7 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello juli,

 

Since you are over the age of 59-1/2, this would just be a normal distribution for you with no penalties assessed. The amount you withdraw would simply be added to any other income you have for the year, and it is your total income that determines the tax bracket which you would fall in.

 

If you could tell me how much other income you think you would have for 2010, how much you plan to take from your 401k and if you file as single or married, I could give you a better idea of the percent you would pay on tax for this withdrawal.

 

If this was helpful please press the Accept button.

 

Thanks juli

 

 

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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