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I have withdrawn $370,000 from my retirement to start a home…

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I have withdrawn $370,000...

I have withdrawn $370,000 from my retirement to start a home business. They withheld 20%. I want to build a building that will cost $200,000, which will be a loss. I think I am in the 33% bracket. Will I owe taxes or get a refund?

Accountant's Assistant: The Expert will know how to help. Is there anything else important you think the Expert should know?

I made $40,000 in my job, which I retired from in June I don't know the amount of withholding they did, but I always got a refund from that.

Submitted: 11 months ago.Category: Tax
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Answered in 2 minutes by:
9/10/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 11 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,364
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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Tax Professional: Robin D., Senior Tax Advisor 4 replied 11 months ago

To estimate I will need to know your age and your filing status please

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 11 months ago

I calculated based on Single which would mean a tax liability of $116,750
If you had 20% withheld ($74000) you would need to know what your other withholding is from wages.

Also if you are not 59 1/2 you will need to add an additional 10% to the $74000 for an Early Withdrawal penalty.

You can respond below

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