Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
a. There is an exemption allowed even for MFS.
b. Please clarify loan repayment. To me a repayment means you are putting money back in your 401K as a loan you repaid. If you are unemployed, did you make a repayment or take money out as a withdrawl or a loan?
c. Both spouses must take the standard deduction or itemize their deductions like interest, taxes, etc. If your wife is taking the standard deduction, the previous poster's estimate is approx. correct assuming you had no taxable 401K distribution. If she itemizes, you will owe a lot more.
Here are more clearer numbers I hope some one can give me a good estimate!!
Marrierd Filling separately in caliofnia 2011
Lost my job did not pay 401k loan repayment
$26,514 Loan Default
$1,296 Fed tax paid
$130 State tax paid California
California Unemployment
$9688 No tax paid
Work W-2
$5182 Wages
$798 Fed taxes taken out
$169 California tax
$217 S.S
$75 medicare
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
