 Anyone recieve their stimulus check yet? |
| Someone said the dates have changed and if so I should have recieved my check on the 5th. Mine has not been deposited yet. Just wondering if people in the second deposit bracket have recieved their ... |
|
 Jobseekers allowance question? |
| If you get £51 is it per week or per fortnight?... |
|
 I'm leaving my job and the country aswell!!!!? |
I hate english weather XD
What do I have to do? I mean, how long before do I have to tell to my boss that I'm leaving if I am a temp?
And who else do I have to tell to? (medic? tax ... |
|
 Self employed, can you pay spouse an income? |
| If your self employed in the UK can you pay your spouse a weekly income even if they are not doing any work for the company. ie staying home to raise kids etc.... |
|
 I've found that I currently owe money to the IRS..how can I fudge the numbers so I earn a refund? |
| I didn't like the amount I owed the IRS in taxes when I did the calculation. Even though I then made up some expenses for Moving, and some charitable donations, I still owe the IRS about $2050. M... |
|
 Mathh help!!? |
if something is %761 ... what would it be bfore tax ?
Additional Details
761$ not %... |
|
 How do I do PAYE? |
| My husband is self employed and about to employ a part time assistant. How do I calculate and pay PAYE?... |
|
| Stimulus Package? |
| If I got my tax returns via direct deposit will I also recieve the rebate the same way?... |
|
 My tax stimulus rebate was due today on june 6, but I did not get it.? |
| I thought they were all received on Fridays. My letter said I should receive by 6/6, but it did not come. When can I expect to receive it?... |
|
 Can a cheque be made out on anything, even a live rat? |
| I plan to breed rats that could be used for cheques to pay council, income tax and court fines. I did hear a case of a cheque being made out on the side of a cow!... |
|
 No stimulus for me!? |
| My roommate and I filed at the same time in February, both are Single, 1 exemption, SSN is very close. Why did he get his and I did not? We both paid our filing fees with our refund. I also get that &... |
|
 Is property tax deductible? |
| I went to my tax guy this year and he never asked about my property tax. I am owing this year. Is there any *other* way that property tax can be deducted. He never asked me for how much I paid so ... |
|
 Am I the only one who didn't get their IRS stimulus payment dd today(May 16Th)? |
| yes i had dd on my refund and yes i was suppossed to get money back and no i didnt get a paid for taxes out of my refund or get one of those rapid refund loans. So what now I gotta wait till july to ... |
|
 How much tax return will I get back if I donate my car to charity? |
| Someone told me you get $500 in tax return if you donate your car to charity. I live in California so another state could be different.... |
|
 Why is the tax amount deducted from my salary is different every month? |
| The amount deducted from my salary every month is different, although no changes has been done to my Tax code or salary.... |
|
|  |
Douglas C | I withdrew my 401(k) last year, how will that affect my tax refund? |
I usually get back roughly $600 (500 from federal and the other from state), but last year, my debt was ovewhelming and I withdrew it all ($1,500) to pay off some bills. Im 22, and last year I made $24000, which was more than the previous year so I was thinking I might already get more back. What do you think I can look forward to?
Also, on a side note, I heard that through some stimulus we are getting back an extra $500 in our taxes. I dont think thats true, but is it?
Additional Details
So in that case, I will lose $150? |
 |
 
sumbumblebee
 |
It won't affect it much. If you withdrew early, without claiming hardship (which, since you said you took it all out, I doubt you did), then you've already paid taxes on it, as well as a hefty penalty. Now you need to report that amount on your 1040, along with the tax they withheld from the distribution.
If you made more money, you probably also had more taken out, so it should end up balancing out again. In the end, you'll probably get about $100 less, since they don't usually take quite enough out when you withdraw. So, essentially, your refund will likely be pretty similar to what it has been, with a very small change. Taxes and withholding, for the most part, are fairly relative (with some big exceptions, but most of us "average" people can usually think of it as relative).
Hope that helps. :0) |
|
Dances with Aardvarks
|
You refund will be affected.
When you withdrew the funds, they withheld 20% ($300) for taxes. However the entire withdrawal is taxed as ordinary income plus a 10% penalty. Your tax bracket is 15% so the tax will be $225 and the penalty will be $150. Since only $300 was withheld you will be $75 short on the tax plus penalty so your refund will be reduced by that much.
The much ballyhooed $500 tax cut is vapor-ware at present. IF it passes it won't be a lump sum payment but will reduce the amount of tax withheld from your pay by about $10 per week. There WON'T be any more handouts like last year's stimulus rebate checks. |
|
Micki
 |
When you received your funds, didn't they take taxes out?
(Usually, they do - unless you specifically requested them not to - in that case, it'll hurt you a little, not much) |
|
v b
|
If you are single, it will reduce your refund as your marginal tax bracket is 15% and they only withheld 10% for taxes. (5% of 1500 is $75 and the money is now coming from your other withholding.)
The "extra $500" is not passed yet. If it is, it will be through your paycheck, not the tax return.
When you file, you INCLUDE the 401K. It will increase your income, increase your taxes, will increase the taxes by $150 for the penalty and will increase your withholding by the $300 shown on the 1099-R. |
|
Doctor Deth
|
you will pay tax ( 10-15%)on the $1500 at your top tax bracket when you add that money to your w-2 wages, plus $150 early withdrawal penalty, so the total due may wipe out most of you $500 expected federal refund
You might be lucky to wind up with $200 fed refund
2009 stimulus when it starts - you will see it in you paycheck each week - a little at a time - no big $500 or 1000 checks going out this time |
|
misslabeled
|
Taking the money increases your taxable income, plus you pay a 10% penalty. So figure $150 less off the top, and a little more for bumping up your income. Hopefully there won't be any penalty for not paying enough income tax in. |
|
hirebookkeeper
|
You will pay 10% penalty on the amt withdrawn and interest that you made on that money. |
|
thunder2sys
|
You took a penalty in taxes for taking out the money, and now instead of you income being $24,000 your income is now $25,500. The amount you took out counts as income.
Don't take into consideration any stimulus package. There are alot of versions and it might only go to business for job creation. Plus wait until next year when the taxpayers have to pay back the stimulus packages and bail-outs. That $600 refund will be $600 in payments next year! |
|
Chelsey W
|
It will definitly REDUCE your refund. You pay hefty penalties for early withdrawl on a retirement fund! (I know from experience.) And I have no idea about the $500 stimulus. |
|
hrblockrichardk
 |
In a little while you will get a 1099-R stating the amount you withdrew. The full amount is included as taxable income on your return. In addition you will have to pay an early withdrawal penalty equal to 10% of the amount withdrawn.
Richard K
HR Block
This advice is based upon our understanding of the law in effect at the time it was written as it applies to the facts provided by you. See my profile for more information. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
10 | 41 minutes(s) ago
| | | |
10 | 50 minutes(s) ago
| | | |
10 | 2 hour(s) ago
| | | |
10 | 5 hour(s) ago
| | | |
10 | 6 hour(s) ago
| | | |
10 | 10 hour(s) ago
| | | |
10 | 2 day(s) ago
| | | |
10 | 6 day(s) ago
| | | |
10 | 1 week(s) ago
| | | |
10 | 2 month(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
