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I am 67 yo with a Parkinson disability since 55 yo At 59 1/2…

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I am 67 yo...

I am 67 yo with a Parkinson disability since 55 yo At 59 1/2 I withdrew my retirement and paid 20%+ taxes. I am married but should I not have to have paid thhhe high tax..thank you

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

The $90K I had saved was taken out in incrementsWe were in Texas at the time for my husband to have work, Recently I had started to explore the tax law since now my income is $1900.00 monthly and I am not pulling my paaart for retirement Thank You

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I n eed some idea if there is any laws that

Submitted: 3 months ago.Category: Tax
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Answered in 1 hour by:
4/3/2018
Tax Professional: Lev, Tax Advisor replied 3 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,111
Experience: Taxes, Immigration, Labor Relations
Verified

Hi and welcome to our site!

Distribution from your retirement fund is added to your other taxable income.

Your tax liability is calculated on your tax return based on TOTAL income, filing status, deductions, etc

You are not taxed separately on each payment.

20% taxes which you paid - is withholding - not your actual tax liability.

That withholding will be credited on your tax return - and if withholding is larger - you will be getting refund.

I will help you with estimations if needed.

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Tax Professional: Lev, Tax Advisor replied 3 months ago

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If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues

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