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I was 59 1/2 when I drew out my 401k. I paid fed tax on this, when I filed my taxes h&r block added the total amt back to my earnings. I had the form showing where it was already taken out. was this the right thing to do? sounds like being double taxed. thank you. Myra
yes the money you got out when be shown in the earnings, but then the amount of tax you paid on this will also be shown under taxes paid.
Just like a pay check, you get paid and report that earnings, but taxes are already held out, but those taxes are just shown as being paid.
The taxes you paid may or may not be enough to cover actual taxes, since the amount you paid at the time of withdraw is only estimated taxes.
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