 Why don't we just have a 15% income tax across the land with no exemptions? |
SORRY - To all those who are so privilaged, they live off the fat of the land. Think of it as bad for the heart.
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This way the people who make less, would pay less. <... |
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 If I wait until 2009 to deposit a commission check, do I pay taxes in 2008 or 2009? |
| I earned a commission (realtor). Do I pay taxes the year it was earned or the year it is deposited into the bank? Would love to include it in 2009 taxes. We're really struggling.... |
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 Why are people who are not getting the stimulus package rebate so angry? |
Don't they realize that the basic purpose of this rebate is not to help them pay their bills, or make ends meet, or help them afford school, or anything like that.
The only purpose is ... |
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 Can anyone talk me through the self assessment tax process? |
| Am working freelance for about 3 months, and am absolutly clueless when it comes to practical financial matters, I would be sooo grateful if someone could post up step by step instructions about what ... |
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 If married for 6 months of the year and now divorced, how do I categorize myself for filing taxes? |
I know that I should consult a tax specialist (and I will), but...
If I was married for 6 months of the year, how do I file my taxes in the US? As a final year of jointly married? M... |
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 Did anyone get their refund? |
Did anyone personally get their refund today or know of anyone that did?
Additional Details
Thats guys. All of your answeres helped, but I found out what was goin on. Because I am ... |
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 What is vat? |
| VAT TREATMENT IN WESTBENGAL... |
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 Does freelancer has to pay taxes? |
| My friend and I are thinking about doing some freelance graphic design. We won't really have a physical office or anything, just a webpage and probably use our cell phone. We haven't really ... |
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 Who owns the Federal Reserve Bank (the USA 's debt in the trillions; we owe this money to whom? |
The Fed. (headed by Alan Greenspan for years till last year). Regulates the interest rate.
Our debt in the trillions of dollars . To whom do we owe this money; if the US is the richest country ... |
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 How can i get around paying the IRS 964 dollars for them not taking enough out through out the year? |
| Im in the military and i do what im told. My wife worked as a DOD employee at a child develpment center on base. They didn't take enough taxes out through out the year so we are stuck oweing ... |
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 Do I need to file income taxes? |
| I recieved almost $6000.00 in Social Security Disability Income, State Disabiltibilty as of 05/06 and $700.00 earned income from my previous employer that was accrued during my medical leave.... |
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 Why is husband's check on hold? |
My husbands last paycheck was garnished because the student loan place claimed he owed money. They called him and let him know it was current now and up to date (After taking over 550.00)
T... |
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Mariam B | Do I have to claim my 401K withdrawal as income on my 1040EZ? |
I already paid the 10% penalty as well as the tax percentage based on my income brachet. |
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Fallon P
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You will need to still need to report it and you should have received a 1099R to show the amount of taxes withheld. Between your normal withholding and the withholding on the 401K, you could still could receive a refund if the amount you paid in were too much. |
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bostonianinmo
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If you had an early withdrawal, you can't file 1040EZ.
You may have had tax withheld from the withdrawal, but it's highly unlikely that enough tax was withheld to pay the total tax due.
You need to file Form 1040 and attach Form 5329 to calculate the penalty.
You'll get a credit for any taxes withheld on the distribution but unless you are a very low wage earner or only cashed out a small amount you probably have additional tax to pay. |
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A.Mercer
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I would think that you would have to list it.
Also, I am not sure you can use the 1040EZ if you had done this.
This is one of those you should take to a tax professional. |
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BMW BFD
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When they sent you the check they should have also sent in the same envelop a tax form.
I don't think you will be able to use the 1040EZ, but probably the 1040A |
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digdowndeepnseattle
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Yes you have to claim it, but not on 1040EZ. Has to be 1040 or 1040A. Also, be careful...most distributions only take the 20% withholding and do not take extra for the 10% penalty. Hardships sometimes take extra but not always. Don't be so sure that yours did.
Grab a copy of the 1040 and look on line 16 a and b...that's where you put the amount that you took (before taxes paid). Then on the back side where you see the section for other taxes...you'll see one for distributions. That's where you put the 10% extra tax. Lastly, just below that you'll see a line for withholding. Combine your w-2 withholding and your 1099-R withholding on this line. After that it's simple match, putting in your exemptions and deductions and voila!!! |
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robert w
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you can not use a 1040EZ with a IRA withdrawal, 1040
see you paid IRA dumb taxes |
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regerugged
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Yes, report it as income, then take credit for the taxes paid. Then kiss the penalty good bye. |
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Lip Service
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Yes, you will need to claim this income. In addition you will need to file a form for the penalty portion. The tax that was withheld is just additional withholding on your 1040. |
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jseah114
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Yes, you do. You need to report the 401(k) withdrawal as income on your tax return. I don't recall with the 1040EZ, you might not be able to use this form with a pension distribution.
Also, since you will receive a 1099 showing the distribution and also showing tax withholdings, you will need to attach a copy of this 1099 with your return, just like you would with a W-2. |
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NONAME
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You will get a 1099 from your 401k administrator for the amount you liquidated.
You do need to account for it on your tax return. The amount withheld for taxes is simply an estimate, you might have paid more or less than the actual amount you should really owe.
If your normal income is being taxed at your normal bracket, and you are getting refunds, your estimated tax could also be higher. Make sense? Either way, it must be accounted for. |
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