Mulitple life changes this year

[tanya_morin]

How will these circumstances would change my tax refund or what I owe? In 2023, I started a new job, withdrew from my 401k, got married and moved. Thank you

[Katherine S 63]

Great question!!

I am going to assume a few things:

If you are under the age of 59 1/2 and took money out of your 401K, you will be taxed on that withdrawal and the might be a 10% penalty on your federal return and another penalty on your state return.

There are some exceptions to that penalty:  $10000 used for first time home purchase is one.  Here is more information on 401K withdrawals:

https://turbotax.intuit.com/tax-tips/retirement/an-early-withdrawal-from-your-401k-understanding-the...

If you got married then you will file Married Filing Jointly.  This will raise your standard deduction to $27,700.

When you say that you moved, did you sell a home?  Did you move to another state?  I am not exactly sure so please post another question with just that issue.

Please give me a thumbs up if this was helpful.

Katie S.