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Tax Question

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W

WATRASPAUL

Guest
What is the name of your state? NEW YORK




MY WIFE CASHED IN HER 401K ,LAST YEAR IT WAS HER SOLE

SOURCE OF INCOME (TAX WAS TAKEN OUT).I WANT TO CLAIM

HER AS A DEPENDENT CAN WE FILE" MARRIED FILLING SEPA-

RATLY" SO AS FOR HER TO RECIEVE SONE OF THAT TAX BACK
 


A

Andy Brown

Guest
You either file as Married Filing Jointly (MFJ) or as Married Filing Separately (MFS). In either case the amount of 401K withdrawal is taxable income; and is also subject to a 10% penalty if your wife's age is less than 59 1/2.

Any amount withheld offsets the tax.

Note, that niether of you can claim the other as a dependent.
 

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