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mooney
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Question 401K Divorce Question post #1  quote:



My wife and I are divorcing. She wants a net $7.5K cash-out from my 401K. There will be no penalty. I want to give her $10K, $2000 of which will be withheld for fed taxes next year. And then she would have an additional $500 for Ohio income tax. Last year she made almost $23K, so this will take her to about the $33K bracket this year. I figured this $2500 would cover her additional tax. But she says this isn't enough because she has been told that she will lose another $2-3K in tax credits she will get for claiming one of our children by going to this higher bracket. Is this true? And if so, how much do I need to give her so she gets the $7.5 net and still get the same tax refund. I hope this makes sense, it's confusing the hell out of me. Thanks for any help.

Old Post 02-25-2004 12:01 AM
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