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I need to know about taxes and 401k?
Well the problem is had had to quit my job because my son has autism and the daycare wouldn't stop calling my job.But anyway I only made 990.00 dollars last year from my job and they didn't take any money out.But I did cash in my 401k and it was 4712.50 and they withheld 942.50 I was wondering will I get anything back and I have two kids can I claim them and if I can how much will I get
3 Answers
- Anonymous1 decade agoFavorite Answer
You'll get it all back
- Anonymous1 decade ago
Dear carter: You will get the $943 back and $390 EITC and a little ACTC. Some where in the $1500+ range. You will get a W2 for the $990 and a 1099-R for the 401K distribution.
Now the bad news- if you are under age 59 1/2 you will have a 10% penalty unless you meet one of the exceptions. That will cost you $471.
This advice was prepared based on our understanding of the tax laws in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent
- MikeLv 61 decade ago
If you are single or married filing separately, all except $471.25 which is the 10% penalty for early IRA withdrawal.
If you are married filing jointly, you may or may not get a refund depending on your spouses income.
