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I TOOK OUT FROM MY 401 K PLAN THEN MONTHS LATER I WAS OFF…

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I TOOK OUT FROM...

I TOOK OUT FROM MY 401 K PLAN THEN MONTHS LATER I WAS LAID OFF AND I STILL OWE A BALANCE OF 10,000..THEY WANT THE MONEY IN FULL BUT I DONT HAVE IT, HOW MUCH TAXES WILL I HAVE TO PAY ON THIS AMOUNT

Submitted: 4 months ago.Category: Tax
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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: 4,558
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. 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.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

The amount will be taxed at your ordinary income tax rate. The amount is added to your other income and whatever tax bracket is applicable to you. This is the rate that the funds will be taxed at.

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