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 Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15716
Experience:  15years with H & R Block. Divisional leader, Instructor
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

I have withdrawn $370,000 from my retirement to start a home

Customer Question

I have withdrawn $370,000 from my retirement to start a home business.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?
JA: The Expert will know how to help. Is there anything else important you think the Expert should know?
Customer: 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: 1 month ago.
Category: Tax
Expert:  Robin D. replied 1 month ago.

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.

Expert:  Robin D. replied 1 month ago.

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

Expert:  Robin D. replied 1 month 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