 Is it possible to report a person or company to the IRS anonymously? |
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Thank you to those who have responded....in answer to some of the comments....I know this question makes me seem like an awful person, however I have been treated ... |
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 Joint or single tax return? |
| me and my husband are married by common law.. he is the only one working while i am going to school.. should he file single or joint on his tax return? which one would get us more money?... |
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 Shouldn't I have gotten my W-2 from my ex employer yet? |
It's mid february and I haven't received anything from him so far...doesn't he have to send it out soon?
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What if I can't get a hold of him? I ... |
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 I want to change the name on the PAN CARD.? |
i want to change the name on the PAN CARD.
what is the procedure in Jaipur and how much it will cost ? is it necessary to take a help from a CA ? b'coz i want to do it myself ,... |
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 Who can I tell -report if someone is trying to avoid payinmg tax? |
| Where can I compain about someone who is trying to avoid tax....... |
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 What's your state's sale tax?? |
Wisconsin is 5.5%
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OMG!!!! lmao i thought wisconsin was bad. =X
new question.. cigarettes... up a dollar each pack for you?... |
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 I'm 18 years old student working part time job.. making 7 bucks an hour..? |
| I'm 18 years old student working part time job.. making 7 bucks an hour.. I've been having federal taxes, state taxes, medicare, and north Carolina withholding taken out from my paycheck ... |
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 I am a newlywed. Would it be better to file our taxes seperately or together? |
| I have a child that I am used to claiming the child tax credit. I also am used to filing head of household. Do we still file one of us as head of household whether we file jointly or seperately? C... |
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 I havent filed my taxed yet, Am I in trouble? |
| I never filed and extension and still havent reported my earnings for 2005. CAn I still walk into a tax place and have them processed? What is my penalty? Im single 1. no assets, under 30 grand.... |
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 If I win a vacation worth $7000, do I have to pay taxes on it? |
| The vacation is supposedly worth $7k, plus $1k spending. I've done the math and if the whole thing is taxable than it's about $3200. I could buy the vacation for less than that! Is the ... |
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 If Married, is it more convenient to file taxes as "single" or "married"? |
| I just got married and next year will be the first time I will file taxes. In case of a divorce in the future, is it better if now I file taxes still as single or it doesnt make a difference if I ... |
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 So...anyone else out there thinking H&R Block may not be the way to go for tax refunds anymore? |
Especially anyone who filed on the 16th and hasn't gotten it yet.
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I'm gonna listen to my mom from now on and efile then get it in a week. I've met too ... |
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David B | I want to withdraw my 6K from my 401K account early,besides a 10% penalty but do have to pay other taxes? |
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curious george
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you will have to pay income tax. you will have to pay the penalty except for certain circumstances. see this link http://www.irs.gov/taxtopics/tc558.html
A loan from the 401k is probably a better option if you don't fit the special circumstances note the special circumstances for early withdrawal from a 401k are different than from an IRA |
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tonalc2
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The additional tax on an early distribution is 10% of the taxable amount. The taxable amount is also included in your taxable income. This 10% tax is in *addition* to regular income taxes. |
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viajero_intergalactico
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yes. income tax.
And as far as taking it out early....DO IT! if you are going to use that money to start a business or invest it in some way that will generate better profits than the penalties of 10% then its a no-brianer.
I know people who were in a tight spot financially and took out thier IRA funds to start a business. This is going great for them. it only cost them 10% to become self employed and stop earning a measly wage. |
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deb1975@sbcglobal.net
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YES! About 30%-35% will be taken for government taxes. It's NOT a good idea to withdraw from a 401K or any retirement account because you lose so much. It would be more financially sound to borrow 6K from a bank or low interest credit card |
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Emma F
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Yes, whatever your tax bracket is on your earnings you have to pay the I.R.S, leave your 401K alone. |
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Judy1
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Yes, you'd pay ordinary income tax at whatever your rate is, plus the 10% penalty. |
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chatsplas
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DON'T do this.
This is money set aside to grow for your retirement. Pretend it's down a black hole and you can't see it and can't touch it, don't think about it as available for any purpose.
Taking money out of your 401k before age 58 1/2 means you lose a minimum of 20%. That's 10% penalty and then tax at your tax rate. If you're tax at 20% or more, that means you LOSE 30% of your money by taking an early withdrawal. It's NOT worth it. |
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travelguruette
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20% federal and 5% state taxes minimum. Check to see if you can take a loan against it. You will have to pay interest but you are paying it to yourself. |
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v b
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You add the $6000 to your other income, so it's like getting a bonus at work. If you already have plenty of income for the year, you may well be in the 25% tax bracket. So with the 10% penalty, your $6000 withdrawal may be $2100 in additional tax.
The problem is, they will only withhold $1200. If you owe 25% for income tax, you will be short $900 at tax time. (Or worse--there was a guy here the other day who remembered to put the income and withhodling on the tax return but forgot to list the 10% penalty and was very confused when the IRS said he hadn't paid it.) |
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gosam777
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Yes. It will count as income and will included in income tax. In otherwords you will end up baying around 40% (30% for income tax + 10% penalty) If you really need it, borrow from it instead. Interest is around 9%, but you are paying it to yourself. Don't let the government steal any more money than you have to. Let the liberals pay them. They keep electing them and don't know how to play the game, so let them pay. |
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Helen, EA in PA
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Are you still working with this employer? If so, you can't withdraw the money and taking a loan would be better for you anyway,as long as you pay it back.
Helen, EA in PA |
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