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My adjusted gross income from 2016 was $199,397. If I take…

My adjusted gross income from...
My adjusted gross income from 2016 was $199,397. If I take an early withdraw of $26,700 from a 401k I know I will pay a 10% penalty but if I have them take an additional 20% Federal Tax will that satisfy what I need to pay in 2017
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Answered in 2 minutes by:
3/20/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,737
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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The increase to your income would mean total tax is estimated to be $56400

Having the $5340 withheld would mean that your withholding on wages would have to covered the remaining amount.

I estimated at single rates so if you are married and file joint let me know.

Please let me know if you need clarification. If you do not then a positive 5 star rating is appreciated.
A positive 5 star rating is appreciated so I get credit for the response.

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Customer reply replied 11 months ago

OK , I will estimate on that then one moment

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The total tax is estimated at $47000

Again your tax withholding form your work is going to need to cover the remaining. Having $5340 withheld will be added to your other withholding.

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Please let me know if you need further clarification.

If you do not then a positive 5 star rating is appreciated.
A positive 5 star rating is appreciated so I get credit for the response.

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Did you want me to do more tax estimates?

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Customer reply replied 11 months ago
Sorry Robin I had to leave for an appointment...so the total tax estimate is $47,000. Last year my itemized deductions were $32,393 and my exceptions were $20,250. So based on that how would that affect the $47,000?

With exemptions at that level you must have other dependents.

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Customer reply replied 11 months ago
wife and 3 children

Thanks, ***** *****

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Estimated tax $35000

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Customer reply replied 11 months ago
Ok thank you....so if I had $34015 taken out from my pay in 2016 but I got a $5900 refund for 2016 in essence this year I could take the early withdraw of $26,700 of my 401K pay the 10% penalty....come away with $24000 and then owe roughly $1000 on my taxes next year instead of a refund of $5900.Is that all correct??

Yes

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Customer reply replied 11 months ago
Thanks you so much....I'll rate you with 5 stars.

You are most welcome.
A positive 5 star rating is appreciated so I get credit for the response.

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Customer reply replied 11 months ago
I'm so sorry one more question....H&R Block did my taxes last year and I asked them this question as well just to make sure I covered all bases and they told me adding the $26,700 on my return would cause me to not get the refund of $5900 but owe $4842 in 2017. Do you know why they are coming up with a higher payment?

Nope

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Customer reply replied 11 months ago
ok and line 37 on my return is the correct adjusted gross income to calculate from correct?

Your adjusted gross income is the wages and other amounts prior to subtracting your exemptions and itemized deductions.

I estimated $35000 on your tax then you subtract the withholding.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,737
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,737
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Experience: 15years with H & R Block. Divisional leader, Instructor

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