for tax info-how much will i have to pay if i recieve $68000  from 401k after divorce division?
820338
Any amount put into a 'qualified retirement plan' as a result of a 'qualified domestic relations order' is not a taxable event.  Any amount not transferred to a 'qualified retirement plan', would be treated as a withdraw from such a plan.  If you are under 59 1/2, there is a 10% early withdraw penalty.  This is above and beyond income tax at regular rates on the amount withdrawn.
218389
It depends. Did you sign a prenuptual aggreement? If you did, basically what is going to happen is you're going to leave with what you came in the marriage with and your spouse will leave with what he/she came into the marriage with. If not, then it's actually the court's/judge's decision. The judge will make their decision based on the whole situation. Most likely, if there's kids involved, the one who has legal custody of the kids will get the most assets. If allimony comes up, the one who makes more money will have to pay it if asked to. Watch out though, because if you're the one who makes less and you're the reason why the divorce is happening, the judge might not rule alimony payments in your favor, if you ask for them.
468633
DEPENDS ON YOUR DIVORCE DECREE. MAKE SURE YOU READ IT THROUGHLY.
1108851
£31,000\n\nYou get the first 4-6000 tax free, but im not sure what hte value is. I know its in that region.\nEverything you earn between (for arguements sake) £4000 and £26,000 is taxed at about 23%\nThen everything about £26,000 is taxed at 40%\n\nSo you will get 4000+(22,000x0.77)+(5000x0.60)= 4000+16,940+3000= £23,940\n\nThats just Income tax. Thats not including pension and all the other leakages.
586748
You'd most likely bring home a lil over $700...$714 ish depending on how much they take out foe state tax...its about 100 for fed taxes, 55 for fica, and $13 for medicare
592059
10% penalty plus taxes...so, yeah, at least 30% penalty. \n\nProject returns 50%....which will be taxable, right? So, if you are in 25% bracket, you lose 25% of your return...so, now you are down to a net gain of 37 1/2%.\nSo, it costs 30% to access your money to make a 37 1/2% return....\ntherefore...\nyou net 7 1/2% return. My guess is....you stand a decent chance of making 7 1/2% INSIDE the 401/k and saving yourself all the hassle of moving the $$ around.
208237
That is normal. Commission is taxed like a bonus. I once had a commission month of 15,000 but received around 7500 after taxes. If you are eligible, put money into a 401K. This money is not taxed and is savings for your retirement.
56909
It will be listed in the QDRO (Qualified Domestic Relations Order). Typically, if your ex-wife had no retirement assets of her own, the QDRO would require you to transfer one half of your accumulated retirement assets to her. this percentage is not written in stone and your QDRO could be different. If by "retirement benefits" you are referring to a pension or other defined benefit type plan, the QDRO will also spell out how that would be treated. If your divorce is complete your attorney should be able to help you decipher the QDRO.\n\nAlso, child support payments are only made as long as the child is a minor, unless some other circumstance (i.e. a special needs child) causes the judge to alter the norm.
1058103
In most cases absolutely NOT. \n\nReason #1\nIt would be very expensive.  Money withdrawn from your 401K is instantly taxable at your highest tax rate.  For most people that's 28% federal plus your state income taxes.   If you are under 59 1/2, you'll pay another 10% penalty.    That's a lot higher than the interest rate on your mortgage.\n\nReason #2 - \nIf you are still with the same employer, you can't just withdraw the money.  You can borrow from some 401K plans, it depends on whether or not your employer allows it, but..... this is a really bad idea too, because in addition to interest, if you leave the employer you MUST pay it back immediately or you suffer the same tax and penalties as above.\n\nReason #3 -\nBecause your mortgage is at a low rate that should be lower than the rate of return on your investments within your 401K.  In other words, the money in your savings is likely to grow a lot faster than the interest you will pay on your mortgage, plus the mortgage interest is tax deductable so it reduces your current income taxes.\n\nReason #4 - \n\nTime is your best friend on investments because the return on it gets to grow exponentially every year.  In other words, if your $260K grew 10% this year and every year, you'd have $286K next year and $314K the year after and so on and so on.  Each year the dollar amount that gets added to your account grows.  (this rough example doesn't include more money you add to the account).   If you took $150K out (and you'd really have to drain nearly the entire account to cover the tax and penalty loss), you'd only have $110K this year left to grow.  So instead of making $26K this year, you'd only make $11K, and each year that deficit would grow larger.\n\nReason 5 - \nYour house is a leverage investment.  Really, since you have a mortgage, even though real estate typically rises in value less than stocks, the rate of return on the actual money invested, is really much bigger than you think.\n\nFor example, let's say you have $20K cash invested (down payment, improvements, and monthly payments) so far and you paid $170K for your house a year ago.  If real estate in your area rises an average of 5% a year, then your house is worth aproximately $178, 500 now.   So..while 5% doesn't sound like a big return, and it wouldn't be had you paid cash for the house, what you have actually realized is an $8,500 gain on the $20K you have already invested.   That's a real return of of 42.3%!  If you take into account what you've saved in income taxes, the return is even better.\n\nSo..anyway you look at it, paying off your mortgage with your 401K would cost you a ton of money.\n\nOh..and worst case scenario. You are suddenly unable to work the rest of your life and all you have is your house and your 401K, should you do it then?  Nope.  Better to withdraw the payment for the mortgage as you need it and leave the rest invested to continue to grow since over time it is likely to outpace your mortgage interest by a large amount AND you leave that money free to meet other needs that may crop up.\n\n:)
481795
First of all, the "marriage penalty" is actually a married benefit now.  The tax rates are different for married couples in a positive way, as you can tell by looking at pages 65-76 of the 1040 instructions (http://www.irs.gov/pub/irs-pdf/i1040.pdf).  \n\nSecond, I'm surprised that $1,600 didn't cover your taxes.  \n\nLooking up your tax in the tax table (assuming you took the standard deduction of $10,000 and the two personal exemptions you were allowed adding up to $6,400) for married filing jointly) the tax on the $8,600 of taxable income would be just $863, which is far less than the $1,600 that you say was withheld.  \n\nAnd yes, as previous answerers have mentioned, it is true that you can claim a zero on your W4, which would have given you withholding of somewhere between $1,850 and $2,000.  \n\nHowever, I think that I have proved that your empoyer did in fact pull out enough money to cover your income tax on the income you received from that employer.\n\nUnless your wife's income and other income in the return totaled over $7000 and you had no additional withholding, you should have got a refund this year.
380812
So he doesn't have to pay what? The money for buying your share in the home? \n\nDivorceNet.com says: "Basically, the family court will not split up the family home, divide pensions, and apportion any stocks or mutual funds until it receives permission from the Bankruptcy Court."\n\nALSO\n\n". If my husband files for bankruptcy can I still enforce the terms of the divorce judgment?\nThe Bankruptcy Code recently made non-support obligations created in connection with a divorce or separation non-dischargeable in Chapter 7 if the discharge of the obligation would harm the non- debtor spouse more than it would benefit the debtor. 11 U.S.C. § 523(a)(15)." \n\nFROM  www.uls.state.ut.us: "Can I Get Rid of All My Debts?\nNot always.  A bankruptcy generally will not rid you of debts for child support, taxes, alimony, fines, and many student loans, as well as debts incurred by fraud or malicious injury.  Under some circumstances a debtor can be denied discharge of all his debts as opposed to certain specific debts.  If this happens the primary reason for filing bankruptcy is defeated."\n\nThere is more for you to read at each site listed below. But from what I see he won't be able to stiff you on what he owes you for your part of the house. Make sure you discuss this with your divorce attorney asap! You need to be sure he can't screw you over like this.\n\nI pray you get the money you are due and that he gets a kick where it counts. God Bless!
769611
Is this a liquidating or nonliquidating distribution?  Was the land purchased inside the partnership? Or purchased by one of the partners ten years ago and contibuted to the partnership in the ten years since purchase?\n\nSorry but we really need more information to give relevant tax issues advice.\n\nEdit:\n\nOK - so a nonliquidating (or operating) distribution - Partnership continues to exist with exact same owners and percentages after distribution as before the distribution.  \n\nYou absolutely do not want a disproportionate contribution because things can get a little ugly under IRC section 751 with that so my recommendation would be distribute based on partnership percentages.  This can be done in two ways - distribute land in 50, 40, 10 amount and have 40% partner buy 10% partners share or distribute cash and land to even up percentages. \n\nLet's start with the all land distribution - You will show land removed from books (credit land) for $100,000 the opposite side will be debits to A (50%, B (40%) and C's(10%) capital accounts for $50,000, $40,000 and $10,000.  Each of the partners will reduce their outside basis by that amount (50k, 40k or 10k) and that will be their basis in the parcel of land they own.  (CAUTION: If any of these partners has an outside basis less than the land distributed they will, as someone said earlier, have a taxable event and will need to pay capital gains on the excess distribution!!) Now C sells his land to B for the 10k basis and has no taxable event and B's basis in the land becomes $50k (the same as A's) - (Another CAUTION: If B has intentions to sell the land shortly the portion purchased from C is now SHORT-TERM and will result in ordinary income!).  You say that the land is valued at $200k so the "deferred" tax will be picked up when each of these partner's sells their land and has to pick-up capital gain.\n\nNow the second option: you will make the total distribution to the three partner's 120k.  A's distribution will be 60% of the land - book value $60k, 50% of distributions; B's distribution will be 40% of land and $8k cash - book value $48k, 40% of distributions; C's distribution will be $12k cash - book value $12k, 10% of distributions.  Once again everyone will reduce their outside basis by the distribution amount and once again there will be no taxable event as long as the distributions DO NOT exceed outside basis.  Your journal entry will be a credit to land for $100k; a credit to cash for $12k; a debit to A's partner capital account for $60k; a debit to B's partner capital account for $48k and a debit to C's partner capital account for $12k. A and B will have deferred gain on the land that will become a taxable event when they sell the land for a gain.\n\nHopefully this covers it - if you have more questions - add details and I'm sure I (or one of the other tax professionals here) can clarify. (Also if you are set on keeping the land a 50/50 split just say that and I can give you the journal entry)
342391
Each exemption on a weekly basis is worth $63.46, so for 6 exemptions, your employeer will take $380.76 off your gross earnings before calculating federal taxes.  Note, if you paid every other week double this amount (so $761.52) (this can be found in the source on page 34).  Now, If your gross earnings are less then this, you will have no federal taxes withheld.  However, for an example say you gross $30,000 a year, that's $576.92 every week.  (What I am about to list I found on the source on pages 40-41, which is the pages you'll use to try other numbers, which I will explain later.)  Note this example is only for a weekly pay period, however if you are on a bi-weekly pay period, just double everything.  With 0 exemptions, federal withholding is approximatly $49.  With 6 exemptions it is approximatly $4.  So, for this example you have $45 extra each week.  To find out what it would be for you, looking at you pay stub find your gross pay, look it up in the charts on pages 40-41(which are the pages for married filing jointly, weekly pay period), unless you are on a bi-weekly pay period, then the pages are 44-45.  Find the amount the range in the two left columns that falls to either side of your gross pay (so for $576.92 I used the 570-580 line).  The columns after that are for each exemption 0 to 10.  If you need any help you can email me at waysj@yahoo.com and I'll give you what help I can.
562118
Basically, You have to pay the tax plus a 10% penalty\nTopic 424 - 401(k) Plans\n\nA section 401(k) plan is a type of tax-qualified deferred compensation plan in which an employee can elect to have the employer contribute a portion of his or her cash wages to the plan on a pre–tax basis. These deferred wages (commonly referred to as elective deferrals) are not subject to income tax withholding at the time of deferral, and they are not reflected on your Form 1040 (PDF) since they were not included in the taxable wages on your Form W-2 (PDF). However, they are included as wages subject to social security, Medicare, and federal unemployment taxes. \n\nThe amount that an employee may elect to defer to a 401(k) plan is limited. Therefore, your elective contributions may be limited based on the terms of your 401(k) plan. Refer to Publication 525, Taxable and Nontaxable Income, for more information about elective deferrals. Employers should refer to Publication 560, Retirement Plans for Small Business, for information about setting up and maintaining retirement plans for employees, including 401(k) plans. \n\nDistributions from a 401(k) plan may qualify for optional lump–sum distribution treatment or rollover treatment as long as they meet the respective requirements. For more information, refer to Topic 412, Lump–Sum Distributions, Topic 413, Rollovers from Retirement Plans, and Topic 555, 10–Year Tax Option for Lump–Sum Distributions.\n\nMany 401(k) plans allow employees to make a hardship withdrawal because of immediate and heavy financial needs. Generally, hardship distributions from a 401(k) plan are limited to the amount of the employee's elective deferrals only, and do not include any income earned on the deferred amounts. Hardship distributions are not treated as eligible rollover distributions. \n\nDistributions received before age 59 1/2 are subject to an early distribution penalty of 10% additional tax unless an exception applies. For more information about the treatment of retirement plan distributions, refer to Publication 575, Pension and Annuity Income.
260676
get an attorney quick before he moves funds out and make sure you get the alimony and child support you need
196337
It depends on your income and how many dependents you have as to how much money you will get back. They should withhold 258.74 in fed taxes if you claim 0 exemptions
1010503
Well considering you are "rich" guess you didn't pay your fair share.\nJust playing wit cha.\n\nYour tax rate will be determined after your deductions...real estate, educational loans, medical bills, capitol losses and gains etc, but it should be about 25% over the base rate 29K.\n\nhttp://www.savewealth.com/taxes/rates/single/\n\nGood luck and pray we can get a flat tax bill passed through congress ( you'd be downto 17%)