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If I have a total income at the end of the year 135,000 and

Customer Question
accept a payout of 72,000...
If I have a total income at the end of the year 135,000 and accept a payout of 72,000 from a lump sum pension from a past employer, what kind of taxes would I be expecting to pay at the end of the year? I do know they will take out 20% and possibly plus 10% early withdrawal, but it states no because of being over the age 59 1/2. We are considering the lump sum to pay off debt. If we accept monthly payments starting at age 65, it will be 412.00. Less if starting now. They will withhold taxes for you for these payments.
Submitted: 1 year ago.Category: Tax
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Answered in 22 minutes by:
7/23/2016
Tax Professional: Barbara, Enrolled Agent replied 1 year ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,057
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Based on the information you have provided, and if you use the married filing jointly filing status and do not itemize, your tax liability on $207,000 will be approximately $39,000. Of course, you will subtract any tax that is withheld from the $135,000 and $72,000 to arrive at your correct tax liability (if any).

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Tax Professional: Barbara, Enrolled Agent replied 1 year ago

Just following up with you to see if you have any other questions. If so, please let me know, and I will be happy to assist you further.

Best regards,

Barb

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Barbara
Barbara
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Category: Tax
Satisfied Customers: 4,057
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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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