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i withdrew 62000 from my deffered comp plan to pay my ex wife

Customer Question
a divorce settlement. the irs...
i withdrew 62000 from my deffered comp plan to pay my ex wife a divorce settlement. the irs deducted 12000 tax. i am retired and receive 28000 yearly nys pension. how much tax will i owe this year?

thanks

Tim
Submitted: 7 years ago.Category: Tax
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Answered in 6 minutes by:
9/2/2010
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 Tim,

 

Your total taxable income for the year would be the $62,000 deferred comp plan withdrawal plus your $28,000 NYS pension, for a total of $90,000. If you file your taxes as a single person and claim the standard deduction, your taxable income after applying your standard deduction and one personal allowance would be $80,650. Your tax liability on this amount would be approximately $16,344.

 

If you already had $12,000 deducted when you withdrew these funds, then you will owe approximately an additional $4,344 to cover what you will owe for the year.

 

If this was helpful please press the Accept button. It is the only way we receive any credit for helping with these questions.

 

Thank you Tim

 

 

 

 

 

 

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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