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I am getting a divorce and I live in Missouri. My portion of my spouses 401k will be 59k. My annual income is $15000. What amount of taxes will I be paying on the 59k?

What tax bracket will I be in?

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I am getting a divorce and I live in Missouri. My portion of my spouses 401k will be 59k. My annual income is $15000. What amount of taxes will I be paying on the 59k?

Work with your attorney to ensure your portion is transferred to your trustee in the proper manner.
If done correctly, there will be no tax.

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6 Replies

I am getting a divorce and I live in Missouri. My portion of my spouses 401k will be 59k. My annual income is $15000. What amount of taxes will I be paying on the 59k?

So you are not going to roll it into an IRA ?  If you do that you don't pay taxes now.   If you do you can take smaller distributions over more than one tax year to reduce your tax liability.

But 15K + 59K = 74K - 12,200 = 61,800  taxable = 9536 in taxes.

I am getting a divorce and I live in Missouri. My portion of my spouses 401k will be 59k. My annual income is $15000. What amount of taxes will I be paying on the 59k?

Does the figure you gave me include the state tax? Of not do I figure the tax on the $$61,800? Thanks

I am getting a divorce and I live in Missouri. My portion of my spouses 401k will be 59k. My annual income is $15000. What amount of taxes will I be paying on the 59k?

No ...just federal.

I am getting a divorce and I live in Missouri. My portion of my spouses 401k will be 59k. My annual income is $15000. What amount of taxes will I be paying on the 59k?

Work with your attorney to ensure your portion is transferred to your trustee in the proper manner.
If done correctly, there will be no tax.

I am getting a divorce and I live in Missouri. My portion of my spouses 401k will be 59k. My annual income is $15000. What amount of taxes will I be paying on the 59k?

Why do I need a trustee? The payment will go directly to me. Should I need a trustee how would I get one and can it be just anyone? Thanks for your help.

I am getting a divorce and I live in Missouri. My portion of my spouses 401k will be 59k. My annual income is $15000. What amount of taxes will I be paying on the 59k?

You should have this done as a trustee to trustee transfer if you are NOT going to keep the money yourself ... this MUST be done as a QDRO in the divorce paperwork ... make sure the attorney gets the wording correct.
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