Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
darebachus
New Member

I live on social security in thailand. I plan on withdrawing $10,000. from my ira 401 and want to use your device to pay the tax on the withdrawal. Is this possible?

my social security before medicare deduction is $18,612
1 Best answer

Accepted Solutions
Hal_Al
Level 15

I live on social security in thailand. I plan on withdrawing $10,000. from my ira 401 and want to use your device to pay the tax on the withdrawal. Is this possible?

If the Social security and 401k withdrawal are your only income, you will not owe any tax and will not even be required to file a tax return (unless your filing status is Married Filing Separately).

Social security only becomes  taxable when added to sufficient other income. 

Social security (including SSDI) becomes taxable when your income, including 1/2 your social security, reaches:

Married Filing Jointly(MFJ): $32,000

Single or head of household: $25,000

Married Filing Separately and lived with your spouse at any time during the tax year: $0


Half of 18,612 is 9306. 9306 + 10,000 = 19306 < 25,000 None of your SS is taxable.

Since $10,000 is less than the filing threshold, you do not need to file.

View solution in original post

4 Replies
DoninGA
Level 15

I live on social security in thailand. I plan on withdrawing $10,000. from my ira 401 and want to use your device to pay the tax on the withdrawal. Is this possible?

Note - The plan administrator will have federal taxes withheld from the withdrawal.  You report the taxes withheld on your tax return as a tax payment (just like from a W-2).  The TurboTax program will handle this for you when you enter the Form 1099-R.
Hal_Al
Level 15

I live on social security in thailand. I plan on withdrawing $10,000. from my ira 401 and want to use your device to pay the tax on the withdrawal. Is this possible?

If the Social security and 401k withdrawal are your only income, you will not owe any tax and will not even be required to file a tax return (unless your filing status is Married Filing Separately).

Social security only becomes  taxable when added to sufficient other income. 

Social security (including SSDI) becomes taxable when your income, including 1/2 your social security, reaches:

Married Filing Jointly(MFJ): $32,000

Single or head of household: $25,000

Married Filing Separately and lived with your spouse at any time during the tax year: $0


Half of 18,612 is 9306. 9306 + 10,000 = 19306 < 25,000 None of your SS is taxable.

Since $10,000 is less than the filing threshold, you do not need to file.

Hal_Al
Level 15

I live on social security in thailand. I plan on withdrawing $10,000. from my ira 401 and want to use your device to pay the tax on the withdrawal. Is this possible?

But, to answer your question: you cannot make estimated tax payments, on income received during the year, on TurboTax (TT). You can prepare the estimated tax payment vouchers. But, the payments have to be mailed in with the vouchers. Or you can pay at the IRS web site <a rel="nofollow" target="_blank" href="https://www.irs.gov/payments/direct-pay">https://www.irs.gov/payments/direct-pay</a>

To prepare the payment vouchers. In your 2016 software, enter at:
Federal Taxes or Personal (H&B version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button
xmasbaby0
Level 15

I live on social security in thailand. I plan on withdrawing $10,000. from my ira 401 and want to use your device to pay the tax on the withdrawal. Is this possible?

If you withdraw money from your 401k in 2017, you will receive a 1099R in January of 2018.  You will enter the information from that 1099R onto your 2017 tax return, and TurboTax will calculate the tax you may owe for the distribution from your retirement account.  

When you prepare your 2017 return: To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

You did not mention how old you are--if you are under 59 1/2 you will incur a 10% early withdrawal penalty for the distribution.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Dynamic AdsDynamic Ads
Privacy Settings
v