(posting for a friend)
the total withdrawal from the 401ks (coded: due to death) was $729,000. out of that, $149,000 was taken for federal taxes and $85,409 was taken for massachusetts state tax in january of 2022.
the remainder was used to purchase a home in february of 2022.
doing taxes now, it is showing ~$90k is owed as the $729,000 was taxable income. is there something we are missing? out of 730k, 230k was taken as estimated taxes and now with 90k, that would be ~44% tax rate.
Submitted November 08, 2023 at 07:18PM by littledentedskull https://ift.tt/B23hADy
