Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Do company matched withdrawals from IRA count as income?

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  • Do company matched withdrawals from IRA count as income?

    I have not gone back to my attorney yet (still gathering paperwork), but when I talked to him last I think he told me that the means test in regards to median income will not include withdrawals from your retirement account. But we talked about a lot of things so while printing my retirement statements out I started to become concerned. My statements include an employee matched contribution each month. And each month we have pretty much drained it to keep treading water on bills. Which I know was a VERY stupid thing to do. Logic would say no, due to the fact it won't be a reliable income moving forward. But BK doesn't seem to follow total logic. I might of touched off on this question before, but I couldn't find it (and I am not sure if I included the employee contribution part).

    I tried to dig around and I believe the withdrawals are OK and these days the balance of the account is protected. However mine included a part (from my employer) that would raise my gross income if factored it in. I am hoping the worst case scenario is they only count what my employer added (which would add up to an annual 3k increase).

    If it matters I live in Eastern Missouri.

    Thank you!

  • #2
    Any contributions to your 401(k) account are not counted as income, as far as I know. This was never an issue for me and I was contributing the maximum (6%) and my employer was matching the 6% at 100%. As far as withdrawals, I didn't have that issue, but I am not allowed to withdraw my company contributions. Typically, withdrawals of your contributions is not double counting because it is already included on your W-2 as income. That income is deferred for taxation, not reporting.

    Interesting question.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


    • #3
      For the median income figures they only use the last 6 months of total household income x 2 correct? Last year I had a bunch in distributions as well and it got added onto my total income during tax filing. But they don't factor in your past W2's? So if I look at worst case scenario I suppose it would be my employers contribution that I withdrew that "could" get added onto the 6 month x 2 situation. I am trying to ease my mind on median income calculations. But printing out the statement and seeing the numbers worried me.

      Thanks JB, you have helped me non-stop!


      • #4
        The Means Test is a very mechanical approach which determines whether you are above of below the median income. It uses your 6 months of income prior to filing (not including the month in which you filed). The Trustee may look to your tax returns to determine if you're in the right ballpark, as well as any refunds or tax due.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        I am not an attorney. Any advice provided is not legal advice.


        • #5
          My tax returns the past two years were 35-50k higher in income. Due to my wife not working this past year because of illness. They will factor that into the median income comparison? =O ,

          Maybe I am getting worried over that, it just seems like an odd thing to do with them already knowing what your bringing in currently.

          I would assume many are even pushed into BK (like myself) due to income decreases.

          Oh well, I will try not to think about that too much.


          • #6
            The Means Test only looks at income received during the last 6 months before filing. I think you're reading too much into how the Means Test works.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            I am not an attorney. Any advice provided is not legal advice.


            • #7
              I will just not worry too much about it. =) As always, thanks for your help. I think I am running out of things to freak out over. I am going to post one last question and it's in regards to my attorney fee's (which I just read through). =)


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