Penalty for 401K cash-out

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» Penalty for 401K cash-out

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Jan 19, 2006, 09:29 AM

bonmom

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Join Date: Jan 2006

Posts: 1

Penalty for 401K cash-out

I recently cashed out a 401K. The holding company withdrew 20% for federal taxes, as well as an additional penalty. Will I be required to pay any additional taxes or penalties on this in with 2006 taxes (i.e. state income tax)? Are there any forms or paperwork I should be aware of? Thanks in advance for any help on this.

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