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How much tax is owed if you withdrew $ 70,000 on an inherited 401k and you had $0.00 income for the year

 
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Hal_Al
Level 15

How much tax is owed if you withdrew $ 70,000 on an inherited 401k and you had $0.00 income for the year

Worst case, $10,700. More if you are somebody's dependent. But that's based on a LOT of assumptions about your situation that you haven't provided. The taxcaster link provided is your best source of an answer

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5 Replies

How much tax is owed if you withdrew $ 70,000 on an inherited 401k and you had $0.00 income for the year

Tax depends on your filing status and your available deductions.

How much tax is owed if you withdrew $ 70,000 on an inherited 401k and you had $0.00 income for the year

Filing Single, zero deductions, no one can claim me as a dependent and no income.
Hal_Al
Level 15

How much tax is owed if you withdrew $ 70,000 on an inherited 401k and you had $0.00 income for the year

Worst case, $10,700. More if you are somebody's dependent. But that's based on a LOT of assumptions about your situation that you haven't provided. The taxcaster link provided is your best source of an answer

How much tax is owed if you withdrew $ 70,000 on an inherited 401k and you had $0.00 income for the year

and remember State taxes as well.

How much tax is owed if you withdrew $ 70,000 on an inherited 401k and you had $0.00 income for the year

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