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I had to get out of my around $23,000 this year 2017, I just…

Customer Question
I had to get...

I had to get out of my ***** ***** around $23,000 this year 2017, I just started a new job today. I am concern that I may not have enough in there to pat the 20% and I am worried cause I am only 57 and in my acct there is alittle over $10,500 what should II do?

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

No, I ask him and he said he was not sure but he said that I may have enough I just and by myself and scared that they may out me in jail

Submitted: 1 month ago.Category: Tax
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Customer reply replied 1 month ago
I am really worried that I don't have enough cause I have to pay the 20% on what I took out in2017 the amount was $23,000 I have in my ***** ***** alittle over $10,500 I am 57 and by myself I lost my Mom the past year and have been out of a job and just got a new job starting today
Customer reply replied 1 month ago
my email is***@******.*** am really scared and worried and I want to do the right thing
Answered in 27 minutes by:
12/26/2017
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 month ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,824
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from Just Answer. I'mCustomer and can assist.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 month ago

Sounds like you had to make a premature IRA withdrawal. Let's review the tax consequences.

Withholding is a typical 20%. That's not the tax cost, just withholding. Now to the tax cost.

First is a 10% penalty for taking money early. There are a number of exceptions to the rule. Your reason for withdrawal may qualify for relief.

Then to income tax. The withdrawal is added to other income and a tax computed. Your tax depends on your total income. Use last year's tax software if you have it, since the rules are very similar.

You may not be to far off from being full paid, and the best way to see is to draft your 2017 tax return with your best estimates and see what you might actually owe. Once you know, you still have a few months to pay by April.

Thanks for asking at just answer. Follow-up is welcome. Positive feedback is appreciated after review.

Customer/p>
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PDtax, Certified Public Accountant (CPA)
Category: Tax
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