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When are taxes taken when you have money taken out for a 401-k deduction?
Wiki User
∙ 8y ago
Taxes are imposed when you file your income tax return at the end of the year. Often, people think they have paid taxes on their 401K when they withdraw money from the plan. What happens is that the company handling the 401K plan will usually withhold federal income tax when you make a withdrawal. The taxes withheld is just like when taxes are withheld from your paycheck, in that this is merely a time that you make a preliminary payment toward your potential tax bill. When you file your return is when your actual taxes due are determined and based on the tax amount due, you may owe more or you may receive a refund of the amount you had withheld. You must be careful in that there are penalties for not paying close to the amount due during the year when the income is received.
Wiki User
∙ 8y ago
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Do you have to file taxes paid on a 401k if you have no wages?
did you cash in the 401k? taxes would already be taken out if so. but you do have to do it again when tax season comes about. they won't make you pay more but you have to show it
Do you have to pay taxes on a 401K at age 59 12?
when you withdraw the money, yes.
Can your employer stop taking your 401K deduction from your paycheck?
Yes.
Can you deduct the loss on your 401k on your taxes?
No, this is the offset of not having to pay taxes on 401K profits. Save
Would your retired parents pay taxes on income less than 32000 for 2008?
Assuming they were both over 65, filed jointly, and took the standard deduction, they would most likely owe federal taxes if their joint income was over $20,000. There are situations where they could owe taxes even if their income was lower, for example, if some of their income was from self-employment or they had not taken the Required Minimum Distribution (RMD) on their traditional IRA or 401k. And many states have even lower thresholds for state income taxes.
How much money is taken out of your paycheck for taxes if you are married in Florida?
31% for taxes and 2% for your pension/401k
Do you have to file taxes paid on a 401k if you have no wages?
did you cash in the 401k? taxes would already be taken out if so. but you do have to do it again when tax season comes about. they won't make you pay more but you have to show it
How to finds 401k funds owed to me?
money was taken out for 401k years ago from my pay checks how can I fine it
Do you have to pay taxes on a 401K at age 59 12?
when you withdraw the money, yes.
Do you have to pay taxes on a 401k if you take the money and pay a student loan?
hi
Can you roll a roth IRA into a 401k?
no >>>>> And why would you want to? You already paid taxes on that money.
I my divorce decree I get half of my ex's 401k can I use any of that money to pay bills with out a penality or tax against me?
No. You won't be able to use it for bills without having to pay 20% in taxes. Usually the 20% in taxes is taken out before you get your money. For example if you are to get $100k from your ex's 401k you will only receive $80k. The only way to keep from having to pay taxes on it is to roll it over into an approved retirement fund.
Can your employer stop taking your 401K deduction from your paycheck?
Yes.
Can you deduct the loss on your 401k on your taxes?
No, this is the offset of not having to pay taxes on 401K profits. Save
Do I pay taxes on my 401K after age 62?
Yes, you will pay taxes on withdrawals from your 401(k) after age 62. The withdrawals are considered ordinary income and will be subject to income tax.
Can you take money out of your 401k after you file bankruptcy?
Yes, but not until your discharge. If you take money out of a 401K after you file and before discharge, the money is no longer exempt and could be taken by the Trustee. If you take it out after your discharge the money is yours.
Can I use a monthly payment calculator to figure out how my employer determines my monthly 401k deduction?
You can use a monthly payment calculator to figure out how your employer determines your monthly 401K deduction. A good site that has a calculator is labpixie.
