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I want to cash out my 403b. I am 61 years old. Account

I want to cash out...
I want to cash out my 403b. I am 61 years old. Account has $13,000.
My current salary is $98,000. What will be my additional tax liability?
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Answered in 29 minutes by:
6/1/2013
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,031
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome and thank you for giving me the opportunity to assist you with your tax question. Please advise what your filing status will be for 2013, and I will advise what the tax rates are. Thank you.

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I see you are now offline. The tax rates for single and married are as follows:

 

Single - if your TAXABLE income is over $87,850 but not over $183,250 the tax will be $17,891.25 plus 28% of the excess over $87,850.

Married filing a joint return - if you TAXABLE income is over $72,500 but not over $146,400, the tax will be $9,982.50 plus 25% of the excess over $72,500.

Your TAXABLE income is the amount you pay tax on after taking the appropriate deductions and exemptions.

Please let me know if you require additional information or clarification. Thank you.


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Customer reply replied 4 years ago
So the amount of extra taxes I will owe would be 28% of $13,000.00?
Your total tax liability would be $17,891.25 plus 28% of the excess over $87,850. As I mentioned, this tax rate applies to your TAXABLE income which would be less than $98,000 plus $13,000 depending on your deductions/exemption.
Barbara
Barbara, Enrolled Agent
Category: Tax
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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