I received 95K from a 401k that my ex-wife had. I agreed to keep the house which was underwater and use this money to refinance it. If it were not for the house I would of rolled it over into an IRA. After the 20 percent tax I received 75k. Will this be added to my income for next years taxes? And will I be in that tax bracket? Which could in turn increase my tax liability alot more than I can afford on my income of 45k per year.