QUESTION
Do I have to pay taxes on money my husband took out of his 401 k after I left him?
Asked on Feb 15th, 2017 on Divorce - Wisconsin
More details to this question:
I left my husband Sept. 15, 2016, after I left he took money out of his 401k to pay for his living expenses.It was put in his personal bank account which I have no access to. He says I have to pay half and while I understand WI is a 50/50 marital property state I don't think this qualifies.
1 ANSWER
4 Awards
The answer to your question is "it depends." If you received half the 401k money, than you are going to be obligated to pay half the taxes that are due on it. If you received none of the money, than i can easily see the divorce court making your husband to be 100% responsible for the taxes due and to hold you harmless of any tax liabilites if the IRS or DOR comes after you under marital proprerty law for your share.
Answered on Feb 16th, 2017 at 5:25 AM
David B. Karp Karp & Iancu, S.C. 933 North Mayfair Road #300 Milwaukee, WI 53226 414 453 0800 dbk@karplawfirm.com www.karplawfirm.com