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I pulled my 401k in 17 due to financial circumstances. when…

I pulled my 401k...

I pulled my 401k in 17 due to financial circumstances. when i did that i had them increase the taxes withheld to double what they were going to pull. in case of hidden fees. so this year i will recieve 17000 back in refund. how do i figure how much to increase my state taxes to cover the increase in what i owe or is there an amount i shoould prepay to balance this

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

I am single and claim 0 dependants, my income is 38000 a year

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Answered in 1 minute by:
3/8/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,221
Experience: 15years with H & R Block. Divisional leader, Instructor
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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.

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What state are you resident?

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Customer reply replied 4 months ago
iowa

Thanks one moment while I check Iowa rates.............................................

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You are already having the highest amount withheld from wages then for Iowa if you are claiming Single an 0.

What extra do you expect for 2018? There is no way to correct any tax now for 2017.

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Customer reply replied 4 months ago
because iowa taxes last years federal refund. i need to increase my withholding to pay taxes on the high refund

OK I see.

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Your total tax will be closer to $2056 . How much has been withheld so far?

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Customer reply replied 4 months ago
263

Ok one moment..................................

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,221
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D. and 87 other Tax Specialists are ready to help you
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Customer reply replied 4 months ago
take your time
Jeffrey Hirschc CPA
Category: Tax
Satisfied Customers: 0
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Phone call session started

Sorry (working backwards to calculate)

$500 should be enough or very close.

https://tax.iowa.gov/sites/files/idr/forms1/20181040ES%2845002%29_1.pdf

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The link above is for the estimated payment.

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Customer reply replied 4 months ago
a 500 one time payment or divide that up and do so much a check

If you can make a one time payment that is fine or you can divide it up.

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Customer reply replied 4 months ago
thank you you have been a great help

You are most welcome and thank you

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