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Angie
Angie, Tax Preparer
Category: Tax
Satisfied Customers: 226
Experience:  Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.
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I am 60 years old. I cashed in a 401K, and paid 20% federal

Customer Question

I am 60 years old. I cashed in a 401K, and paid 20% federal and 10% state in this calendar year. My husband and I file taxes jointly. Will I be liable to pay more tax for this year 2015?
Submitted: 2 years ago.
Category: Tax
Expert:  Angie replied 2 years ago.
Hi, thanks for your question, There is a possibility you will be liable for more taxes, but that largely depends on your overall income. Because you are over 59 1/2, there is no penalty for withdrawing the money, however the total you withdrew will be added to all other income reported on your tax return and could possibly put you in a higher tax bracket. You can find the tax brackets for 2015 here http://www.bankrate.com/finance/taxes/tax-brackets.aspx#ixzz3ZI4eBupq I hope this helps! Thanks for your question.