 Have you gotten ur rebate? |
| check yet my last two are 68 im just curious if anyone else got it ... |
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 How do i start out to file my taxes? |
| I've never filed my income taxes before. I'm 18 now and started working since jun 06. I worked at mcdonalds and hawaiian bbq up until this summer. So where's the best place to go? D... |
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 Can i do anything about my tax bill? |
| I've had a tax bill saying i owe £460 really peed off beacuse I'm paye! Apparently my ex-employer had me on the wrong tax code so this debt is through no fault of my own.... |
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 Is this true about 07's taxes? |
| Someone told me that due to a very significant tax collection for the 06 year the US treasury department and the IRS have been instructed to refund 70% of the tax surplus to taxpayers before the ... |
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 Is Reverse mortgage good for me.? |
| I owe $54,000 on the house, the state appraisal for taxes is $79,000. Is it worth it to get a reverse mortgage.... |
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 I didn't file for my income tax last year can i file this year????????? |
| I didnt file for my income tax return for 2006 i worked about half the year and i have my w2 forms can i file it for this year or what can i do????????... |
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 Rebate checks its not all that great? |
do people realize that these checks are not taxed but we will have to pay them back in 2009?
Additional Details
i dont have a link. it is what i understood. if im wrong then please let ... |
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 Tax Rebate? |
I filed my tax return feb 20 this year (early) and received it feb. 29.
I am receiving direct-deposit and according to the chart on the irs
website (based on the last digits of my ... |
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 Why am I forced to hand over more than 50 pence in every pound that I earn,in tax to this Government? |
| I earn £26,000 per annum.PAYE takes 20%. NI "contribution" a further 10%. Then there's Council tax of 6%.Just these three compulsory taxes rob me of 36%.Then there's 15% VAT on ... |
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 If some one only made say $2000 during the year is it worth filing income taxes? |
| Say a married couple filing jointly just off one income can get back almost 6500$ with out the second lower income, should we wait for the W2 of the second spouce or just file as if the second spouce ... |
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 I'm a single mother working part-time, but live with my partner, could he claim us? |
| I'm only going to make about 15grand this year, He'll make about 39grand. Is it okay for him to claim my daughter and I on his income tax return next year? What about on his w-4 right now? W... |
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 Why is the IRS penalizing people for being intelligent? |
| Every year I calculate my taxes so I have to pay a very small amount on April 15th. With over 50k a year in income this is no small feat however I think it is worth it so I can invest and save the ... |
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 Legally who can claim the children on the income tax? |
| My ex-husband wants me to let him claim 2 of our 3 kids on his income tax. He says that he is cutting me a tax break because he`s paying taxes on my child support. I live in Nebraska, he lives in C... |
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 How Do I request my mothers 1040? |
| Im trying to file my finanial aid for college and they requested that I send them my mother 1040. The only problem is my mothers a damn slacker and I cant get her to do anything so I was wondering if ... |
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 I filed taxes for the first time this year & I just received a letter from the IRS. I'm freaking. Help? |
| The letter said the IRS had received my electronically filed income tax return for the Tax Year 2007, but they didn't receive my Form 8453-OL U.S Individual Income Tax Declaration for an IRS e-... |
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kimberly03051 | Can I deduct from my 401K to pay taxes due to the IRS without a penalty? |
I owe the IRS 7K for taxes this year. The money I owe is for taking an early withdrawal from our 401K to fix the bathroom. I'm not sure it counts as a hardship, but the bathroom was mold infested and needed to be gutted everything replaced. Can i take more money out of my 401K to pay the taxes due and not have to incurr another penalty? |
 |
 
ediblues
 |
Taking money from your 401k means double tax. You get taxed everytime you borrow. Remember when you pay it back and take it during retirement, you get taxed again! |
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Mr Chris
|
Not if you aren't at least 59 1/2, sorry. Withdrawing from a 401k or traditional IRA early is almost always a bad proposition. Consider getting a small home equity loan, assuming of course that you have equity in your home. |
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digdowndeepnseattle
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as others have said...the answer is no. I'm wondering how you got the money out to begin with. As bad as this sounds...mold infestation isn't a reason to allow for an in-service withdrawal. |
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The_Crow
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Sorry, no, you will incur another penalty. Better to borrow against your 401K (and not withdraw). Borrowing money is not a taxable event because, in theory, you have to pay it back (typically with some interest). Check your plan out, I bet you could do it that way. |
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Judy1
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No, you owe the penalty on the first withdrawal, and if you take more out to pay the tax, you'll pay a penalty on that also. |
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src50
 |
No. |
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ashwath v
 |
no |
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quantumrift
 |
No. It does not count. ONLY under certain circumstances can you 'borrow' against your 401K (first time home buyer, etc).
If you take more money out of your 401K you'll get HIT AGAIN. Don't you realize this? Your 401K is set up for long term investment that is not like a bank account.
You should have financed the bathroom remodel with a different method. You would have been better to finance it, and then take the tax deduction when you sold the house as home improvement.
You need to get better tax advice NOW.
And you should NOT owe the IRS money - that early withdrawal penalty was taken out when you withdrew the money (witholding).
If you do not have the money to pay your tax, you should contact the IRS asap and set up a payment schedule. |
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