Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I am 62 and currently employed with 110k w-2 income for

Customer Question
Hi, I am 62...

Hi, I am 62 and currently employed with 110k w-2 income for 2017. I unfortunately withdrew great deal of funds from 401k to remodel home. Amount i withdrew is almost 300k. I am very concerned that I am going to owe a great deal in taxes. Is there anything I can do to lessen the taxes i’ll owe. I have mortgage interest and taxes of 48k deduction.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

No, I claim my daughter, so I use head of household

Submitted: 4 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
11/28/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,575
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified

Happy Holidays!! Thank you for choosing this Q&A service for assistance. My name is***** am reading over your inquiry. I will respond to you shortly.

Ask Your Own Tax Question
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

Even with your deductions, you will owe a pretty penny in taxes because the amount withdrawn will be taxable as ordinary income. Unfortunately, there is not any way that you can reduce the tax liability. Did you have the 401k administrator withhold taxes when you withdrew the funds?

Ask Your Own Tax Question
Customer reply replied 4 months ago
but not much; only 15k fed and 10k for state
Customer reply replied 4 months ago
Will I be asked to pay estimated tax penalty or alternative minimum tax
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

You really should have been paying estimated taxes this year. You might get dinged for underpayment of estimated taxes. As far as the taxes already withheld, the amounts withheld will lessen the blow, but with the amount withdrawn, added with your regular income, that puts you in the 33% tax bracket filing a Head of Household. To get an idea of how much your total tax liability will be, my suggestion is to use one of the tax calculators. I know this doesn't make things any better, but if you at least have an idea upfront of what your tax liability is going to be, the numbers won't be as shocking when it comes tax time. You can find a tax calculator at the following link.

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

I am checking regarding alternative minimum tax...

Ask Your Own Tax Question
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

Based on the amount of income you have, AMT will likely come into play. However, because there are different steps involve in figuring whether or not you will have to pay AMT and how much, my suggestion is to use the tax calculator tool that I referenced in my previous response. For more detailed information relating to AMT, you can refer to the following webpage.

https://www.nerdwallet.com/blog/taxes/alternative-minimum-tax-amt/

-----------------------------------------

In closing, my goal is to provide you with the best experience possible! Hopefully, the service that I have provided has earned a 5-star rating! Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave today. Thank you in advance. If you require further assistance, use the reply box and let me know.

Ask Your Own Tax Question
Was this answer helpful?
Ask Tax.appeal.168 Your Own Question
Tax.appeal.168
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,575
4,575 Satisfied Customers
Experience: 3+ decades of varied tax industry exp. Tax Biz owner

Tax.appeal.168 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I want to file as head of household using my grandson but
I want to file as head of household using my grandson but don't want to claim him as a dependant, He and his parents lived with me all year but I supporting the entire family … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Looking for estimated tax rate for 500,000 income in 2017.
looking for estimated tax rate for 500,000 income in 2017 … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,451 satisfied customers
A friend of mine filed head of household and need to amend
a friend of mine filed head of household and need to amend from head of household to married filing jointly. will she owe money? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Can I take mortgage interest and the standard deductions?
Can I take mortgage interest and the standard deductions? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Is it better to claim head of household with 1 dependent
Is it better to claim head of household with 1 dependent verses single with 1 dependent? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Can my daughter file head of household for providing a home
can my daughter file head of household for providing a home for her grandson who lived with her last year even though her daughter took him a dependent? … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
160 satisfied customers
I am single and file head of household. I am in the process
Hello. I am single and file head of household. I am in the process filing my taxes using the free online H&R Block tax softwareI have a 22 year old daughter with two children who was employed at a ver… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Can I deduct mortgage interest, real estate taxes, utilities
Can I deduct mortgage interest, real estate taxes, utilities and condo fees for a commercial rental property that I have not made available for rent? I am assuming that Building appraisal fees, and le… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
On the 1040A form how can i deduct state property tax (
on the 1040A form how can i deduct state property tax (Washington State)? … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
160 satisfied customers
Can I file head of household because I pay the rent, gas,
Can I file head of household because I pay the rent, gas, electricity, and buy the food for my unmarried son who works. His income is 30000 dollars. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Where do you deduct DD on your W-2 form? On W-2 form I have
Where do you deduct DD on your W-2 form? JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: On W-2 form I have $6120.Cost of health coverage. JA: Is ther… read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
4,575 satisfied customers
Tax Expert) In 2014 I filed 'head of household' in
Tax Expert)In 2014 I filed 'head of household' in California, where IRS said it was ok, but because I filed I had to pay the obamacare tax, and California said I couldn't file head of household becaus… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Pearl. My tax question is about mortgage interest deduction.
Hi, Pearl. My tax question is about mortgage interest deduction. I had equal co-ownership of a property with my ex-fiance from January through October 2017, when I transferred sole ownership of the pr… read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
4,575 satisfied customers
I've been told that I can file as head of household by
I've been told that I can file as head of household by several people. Friends have stated that they have done it in the past with the same situation. I am single, living alone and obviously pay all o… read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
4,575 satisfied customers
Lane, I have a client filing head of household with two w2
Hello again Lane, I have a client filing head of household with two w2 forms (totaling $27,961). Her husband passed away almost two years ago so she is simply filing as head of household. The company … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I'm filing as head of household and claiming elderly parents
I'm filing as head of household and claiming elderly parents ....the rule for 2017 is that if they made over 4000$ I cant claim, but does that apply to only us income … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I have always filed my taxes as head of household, and when
I have always filed my taxes as head of household, and when I married a man in 2009, we became estranged almost immediately, with him moving out and me moving on. He recently died unexpectedly, and he… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Am I able to take a deduction as head of household if I have
Am I able to take a deduction as head of household if I have a daughter that is 15, lives with me for more than half the year, but I am not claiming her as a dependent because her dad and I alternate … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x