Hello,
By the end of 2023 I am 64 years 10 months. In my tax year 2023: W2 gross is 84k, I withdrew 77k from 401k; Total income 161K, Itemized Deduction 28k, that leave 133K for taxable income which is about 20K; Fed income tax withheld is 6800. The amount I owe is 13k plus 4k for state tax. This 17K due now is a big amount for us to pay all at once. The reason that we tap into 401K is to help pay-off Covid aftermath related expense for the family. Please help me to understand if there is any tax code that help me to delay the 401K withdrawn, so I don’t have to add to my income in 2023? Is there any tax relief for my age in this difficult situation? Thank you kindly for your response!
