Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

I have a question regarding early pension/457 withdrawal.

Customer Question
Does the 20% withholding satisfy...
I have a question regarding early pension/457 withdrawal. Does the 20% withholding satisfy the IRS for the balance of the tax year, or will I be required to make quarterly tax payments?
Submitted: 1 year ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 3 minutes by:
6/2/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,164
Experience: Taxes, Immigration, Labor Relations
Verified

At the time of distribution - the administrator is required to withhold 20%.

Withholding is NOT your actual tax liability.

Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 1 year ago

Your actual tax liability is based on TOTAL income, filing status, deductions, etc.

Withholding may be more or less than your actual tax liability.

On your tax return - withholding is credited toward total tax liability - and if overpaid - you will claim a refund.

Ask Your Own Tax Question
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,164
30,164 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Tax Question: Non-Resident Withholding Tax, Franchise Tax
Tax Question: Non-Resident Withholding Tax, Franchise Tax Board, CA HISTORY: 1. The property is in California 2. The owner resides in outside of California 3. Metro Property Management collects monthl… read more
abci168
abci168
Principal
27 satisfied customers
Impact of tax changes on filing amended returns... Client
Impact of tax changes on filing amended returns... Client filed a 2016 tax return on time in 2017. If the tax laws change significantly, which laws apply when amended returns are filed... the tax laws… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
Figure out how much is my tax liability + my capital gains +
Figure out how much is my tax liability + my capital gains + depreciation recapture tax … read more
Lev
Lev
Tax Advisor
30,164 satisfied customers
Form 1120, cash basis. If Taxes paid to IRS are deductible,
Form 1120, cash basis. If Taxes paid to IRS are deductible, are refunds for overpayment the equivalent of income?… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
738 satisfied customers
If I take a lump sum pension payment now and it is taxed, do
If I take a lump sum pension payment now and it is taxed, do I have to claim it as taxable income.on my tax return and get taxed again? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
HOW MUCH QUARTERLY TAX WOULD YOU PAY ON 45000.00. CALIFORNIA
HOW MUCH QUARTERLY TAX WOULD YOU PAY ON 45000.00 JA: What state are you in? It matters because laws vary by location. Customer: CALIFORNIA JA: Has anything been filed or reported? Customer: NO JA: Any… read more
Lev
Lev
Tax Advisor
30,164 satisfied customers
I filed for an extension to file my 2017 income tax return.
I filed for an extension to file my 2017 income tax return. I recently suffered a stroke - 6 weeks ago - and have been unable to finalize my return. I should be able to file it within the next 30 days… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
I deducted my GM Pension ((up to $20K) from my NYS Income
I deducted my GM Pension ((up to $20K) from my NYS Income Tax. Just received notice that am not eligible to claim this deduction because I am under 59 1/2! Who Knew??? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I want to file my quarterly taxes without an accountant he
i want to file my quarterly taxes without an accountant he files electronically and I don't know how to do this … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Got a question about my quarterly tax payment for this (3rd)
Hi, Got a question about my quarterly tax payment for this (3rd) quarter. I've only made $11,000 so far in 2017. But, I based my estimates for my quarterly's on a potential income of $28,000. I'm a re… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Second opinion] Yes, I filled out the IRS withholding
Second opinion] Yes, I filled out the IRS withholding calculator and it suggested I claim 8 allowances. That seems excessive. I redid it today and IRS says to claim 6, and a similar calculator from Tu… read more
Lev
Lev
Tax Advisor
30,164 satisfied customers
I filled out the IRS withholding calculator and it suggested
I filled out the IRS withholding calculator and it suggested I claim 8 allowances. I am single, live independently, and have no dependents. I worked at a different, lower paying job from January to mi… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
Can a C-Corp file a "final" return with the IRS if there are
Can a C-Corp file a "final" return with the IRS if there are no longer any business operations, but the company bank accounts remain open?… read more
taxmanrog
taxmanrog
Master\u0027s Degree
702 satisfied customers
Rules on Rollovers (Return of a non-taxed IRA Distribution).
Rules on Rollovers (Return of a non-taxed IRA Distribution). Over 70-1/2 years old) … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
In 2014 we filed all Corporate taxes (quarterly, federal
In 2014 we filed all Corporate taxes (quarterly, federal etc) but just now received a letter from New Jersey State IRS (Dept of Treasury) that they have no record of us filing New Jersey Corporate tax… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
How do I make quarterly tax payments for my S Corp? That
How do I make quarterly tax payments for my S Corp? … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
738 satisfied customers
Please estimate my IRS and CA-540 tax liability for 2017.
Please estimate my IRS and CA-540 tax liability for 2017. Plan to file, "Married filing separately" Gross salary income: $185,000. I will take early withdraw from IRA and 401K funds towards purchasing… read more
Lev
Lev
Tax Advisor
30,164 satisfied customers
I need to file Income Tax Withholding for the require of
I need to file Income Tax Withholding for the require of housing loan but I don't have,I'm self employed.how?… read more
Lev
Lev
Tax Advisor
30,164 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x