Let's start over......
You will still have to pay taxes on the amount you received at the rate of whaterver bracket you're in. If you don't have to have it, you are better off rolling it all over.
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Jim
Jim
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Edit....I see Jim replied
Last edited by 88racing; 09-22-2011 at 05:59 PM.
Join Date: Apr 2009
Location: In the fast lane from LA to Tokyo...
Posts: 10,697
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Received 14 Likes
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I've done this before. I know they will take out 20% then another 10% on taxes. I had them to take out federal and state taxes as well. I need some extra money to buy my tools that I need for my new job. When me and the wife bought our new house 2 years ago, I took some out because we needed to. I fell into the catagory to be able to. Didn't owe a dime at the end of year because I had everything taken out.