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I would like to know which will be the federal tax on a

Hi Pearl, JA: The Expert will...
Hi Pearl,
JA: The Expert will know how to help. Please tell me more, so we can help you best.
Customer: I would like to know which will be the federal tax on a withdrawal if I am a non resident alien?
JA: Is there anything else important you think the Expert should know?
Customer: mm, at this point I am 55 years old and have 2 dependants.If I wait until having 59.5 years old, I will have only one dependants I am Mexican
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Answered in 3 hours by:
9/23/2017
James Daloisio
James Daloisio, Tax Attorney
Category: Tax
Satisfied Customers: 148
Experience: 24 years of continuing education and experience.
Verified

Hi, my name is ***** ***** welcome to Just Answer. I'm an attorney and it sounds like you want to withdraw funds from some type of retirement account while you can still claim two dependents on your tax return. Basically, there is a 10% penalty for an early withdrawal of funds from retirement accounts if you are not disabled. So if you were to withdraw $25,000, you would have $2,500 added to your income tax, and that would substantially reduce any benefit you'd receive from claiming that second dependent. So it would depend on how much you want to withdraw. The personal exemption amount for 2017 will be $4,050.00, so the second dependent will reduce your taxable income by that amount. The plan administrator is also required to withhold an additional 10% for income taxes. Your withdrawal will be taxed the same as if you were a citizen or resident.

I hope this has answered your question. If so a positive rating would be appreciated.

James Daloisio
James Daloisio, Tax Attorney
Category: Tax
Satisfied Customers: 148
Experience: 24 years of continuing education and experience.
Verified
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James Daloisio
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