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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15732
Experience:  15years with H & R Block. Divisional leader, Instructor
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I have 28000 in 401k loans, if I change jobs it's a 10%

Customer Question

I have 28000 in 401k loans, if I change jobs it's a 10% early withdrawal fee added to that, that either must be paid back in full or defaulted on and taxed as income. Can you tell me what I might owe in taxes as a single, head of household, have one child that I cannot deduct this year? I need this information, as well as if it's does payment plans, and what those might be.
Submitted: 2 years ago.
Category: Tax
Expert:  Robin D. replied 2 years ago.


I would be happy to complete an estimate for you but I need to know what your earnings are for the year (or expected to be) so I can add that to the $28000 that would be income to you if you default.

The estimate needs to include all your income not just a possible 401k default amount.

An Installment Agreement is easy to request and can be completed online.

Tell me your annual wages and I can complete the estimate you need.

Expert:  Robin D. replied 2 years ago.

My goal is to provide you with excellent service today but I need to know your total income if an estimate is still needed by you.