How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask PDtax Your Own Question
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4621
Experience:  35 years tax experience, including four years at a Big 4 firm.
Type Your Tax Question Here...
PDtax is online now
A new question is answered every 9 seconds

It will take me a few minutes to type out my question, but

Customer Question

it will take me a few minutes to type out my question, but first. how much does your service cost?
JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.
Customer: so I won't know until after you provide the service?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: ok stand by. I need to know my tax liability for withdrawing from my 401K on a monthly basis as opposed to my tax liability if I convert the 401K to an annuity and moke regular monthly withdrawals
JA: Is there anything else the Accountant should be aware of?
Customer: I just need to know the method that would give me the lowest tax liability
Submitted: 10 months ago.
Category: Tax
Expert:  PDtax replied 10 months ago.

Hi from Just Answer. I'mCustomer and can assist.

Expert:  PDtax replied 10 months ago.

the two payment streams you are outlining can receive the same tax treatment. If you take the same monthly payment amounts from both, you will have the same tax liability.

However, there is a different tack that I think you are asking about.

Customer: replied 10 months ago.
I don't understand what you are saying about a different tack. I'm just trying to decide whether it would be best to leave my 401K money where it is and start regular monthly withdrawals or whether it be less in taxes if I converted my 401k savings to an annuity and then start regular monthly withdrawals of the same amount.
Expert:  PDtax replied 10 months ago.

I accepted your phone call request, but customer service needs to contact you.

Customer: replied 10 months ago.
I received an email from my credit card company that the payment to you has been charged to my card
Expert:  PDtax replied 10 months ago.

I have contacted site management about the issue; they will be in touch with us both shortly.