Financial Information
401k retirement?
Question : 401k retirement?
i cashed out on my 401 earlier this year.i believe it was roughly 7000 dollars,of which either 20 or 25 percent was held back for taxes.can i file a return on this and get a refund,and if so what would be a rough estimate on what i would get back,married filing seperately
forgot to add ,this was the only monet i had coming in this year ,no wages etc
401k retirement
Best answer:
Answer by Butterfly Lover
You need to include the 7000 with your other income for the year and calculate the tax on the total, less what you have already paid and had withheld.
If your husband doesn’t itemize, you will owe just the $ 700 penalty. The withholding was $ 1400, so you could get $ 700 back. (This is unusual!)