I contributed the max on my 401k (18%) but still am projected to owe federal tax in april, can this be right?
100700
yes you still have to pay taxes. Just not on the money you put into the 401k.  Also if i were you id put as much as your employor matches then put the rest in to a roth ira if your younger especially
177583
Call your employer. They are supposed to mail them by Jan 31st. If they will not give them to you call the IRS. It is the law that they give you your copy. If you didn't think you will have your taxes done by April 17th (this year because of the day the 15th falls on) then you do need an extension
735323
If your only contribution to the traditional IRA is the rollover, then you may still be able to contribute up to $4000 ($4,500 if you are over age 50) to either the same traditional IRA or to a Roth IRA, depending on which one best fits you. \nThere are other factors involved here, such as whether or not you still contribute to your employer's retirement plan and how much you make. I'd be happy to do the calculations for you if you'll give me those numbers. But I understand that is sensitive information, so I will send you the link to the form you use to figure allowable contributions. \nRollovers are not considered contributions because they are in the same type of tax-advantaged plan. You would only have to be concerned if you put more into the IRA than you had in the 401K, or, conversely, if you spent some of the money and didn't out it all in (you might be liable for tax and penalties in that case). \nLet me know if I can be of further assistance :)
279974
I am not counting on it,trying to put as much as possible in 401(k) and also trying to purchase a second home.Would also Like to do is put my eggs in different baskets.
1172090
You'll be subject to a 10% IRS penalty for early withdrawal from your qualified retirement plan, plus whatever penalties the provider of your plan has.\n\nSince interest on a mortgage is deductible, why not continue to carry the mortgage?  I advise against most other debt, but a mortgage, under the current tax laws, still makes sense for maximizing your dollars.\n\nGood question!
644752
I assume you are saying you didn't pay your estimated quarterly taxes for last year (if not, ignore this eMail).  I'd suggest figuring out what you should have paid, and paying it ASAP. You send in the payment with an extension request (you can extend your 2005 return until October 15th, but you still have to pay what you estimate you will owe when you request the extension).  Extend immediately since the extension request should have been received by 4/15.\n\nThe penalty is about 10%, the interest is about 8%.  The IRS will happily figure out this penalty and interest and tell you the extra you need to pay.\n\nOf course if you owe state taxes and didn't pay those either you better do the same for your state, and the state will also tell you the extra you need to pay.
574662
depends on the income. Subtract deductions, contribution to IRA/401K etc. and see what the net income is. Then look at the tax tables to determine the federal tax
399983
That it the way I read it from the link that I sent you when you asked earlier.  Looks like it is a financial penalty that keeps growing until you do pay it.
363956
Call the IRS.  They have a help line for people in your situation, and 4/15 is fast approaching!
1162040
Yes.  And when you reach three months salary in your emergency reserve, max out your 401 again.
115668
Hey, Fireguy,\n\nInteresting question, thanks for holding it open for me.  I hope you post your results when you resolve this.\n\nI called a friend who is a city councilmember in the San Diego area.\n\nHe said to document your problem and submit a request, in person, for a corrected W-2 to your payroll department.\n\nHe said that in his city, El Cajon, that if you do not recieve COMPLETE cooperation, he would welcome your call and help you solve your problem.  He is certain your city council will feel the same.\n\nIt is possible his concern is rooted in a deep concern for your overall welfare and well being.  But, if not, it is likely his reason that under this fact pattern the city paid too much employer taxes!\n\nFor example, if your four months were about 12,000, his city paid about $918 too much!  \n\nDuring the 4 months you did not work, the city does not owe the tax.  If you do not correct the situation, they can not recover their overpayment.\n\nI hope this sounds clear from the city council point of view.\n\nOf course, without a corrected W-2, a tax professional can determine, as you likely could, the correct amounts of other taxes and withholdings, with the understanding that your gross pay is overstated by the 4 months of Workers Comp.\n\nBut, those amounts will all be different than what is on your W-2 now.  The FICA, and other taxes you already paid, are overstated on your current W-2.\n\nYou can always call a professional and ask their opinion before committing them to your return.  Obviously, with a corrected W-2, you can easily handle your own and save paying anyone else a fee.\n\nPlease let me know if I can help further.  I would like to know that you continued to handle your tax forms and paid the lowest possible tax.\n\nGood Luck.\n\nPS I am a volunteer for my local fire department north of San Vicente, Baja, Mexico.  Our ´new´ engine is a 1961 model that we are very grateful for the donation from the states.  500 gallons!!  Have you ever ridden on the ´hang onto the back´ type? LOL You should see us!!
29021
If you fail to pay your 401k loan, then you are taxed on it as if you would have taken a regular distribution. (Tax + Penalty for early distribution).\n\nThe amount that you owe is deducted from your total 401k amount.\n\nFor example.  If you take a 401k loan for $1000, and you have $3000 in your 401k and you quit your job, then the $1000 is deducted from your $3000 leaving you with a $2000 401k total.\n\nThe $1000 is also treated like a "distribution".  In other words, it's treated like an early withdrawal.  So at the end of the year, you owe a 43% penalty on the $1000, or $430 in taxes.  (33% income tax [or whatever your income tax rate is], 10% penalty).\n\nFurther more, since that $1000 is treated like regular income, it may push you into a higher tax bracket.
866730
Not necessarily. If you had no withholding for 4 months, but have worked enough to have earned in excess of $8450 by the end of the year (if you are single), then the question is how much will you owe in taxes versus how much gets withheld by the end of the year.  If you project your earnings and calculate the tax that will be due and compare it to your withholding and you come up short, you can file a new W-4 form and request extra withholding from your remaining checks to make up the difference.  The IRS treats amounts withheld as if the money were paid in evenly over the whole year. In this way, if you make up any shortfall in withholding before 12/31, you can legally avoid any penalties or interest for under withholding.
666343
Get in contact with the company that you worked for while you had the 401 (k) and find out who manages it for them.  Depending on how the plan is set up, you will be entitled to at least the amount you contributed, if not the company's match also (depending on vesting rules).\n\nYou might also try www.cashunclaimed.com.
326887
File form 4868\n\nhttp://www.irs.gov/pub/irs-pdf/f4868.pdf\n\nRemember that this is not an extension to pay late. If you\nowe the IRS, you are required to pay what you owe by 4/17.\nThe form is simply an extension for the paper work.
69207
If you already went this far, you have exhaust all adm procedure within the Service, the next step will be going to court\nYou may also want to post a bond to freeze the interest on potential tax you owe
402000
Since you're getting the money w/o tax withholding.  You should also look into paying estimated taxes.  Otherwise, if you owe taxes when filing tax return, you might get charged with interest for the tax payment due.