I closed out my 401k and they took 261.00 in federal taxes out of it. Then I started receiving social security benefits. Do I need to file a tax return ?
I closed out my 401k and they took 261.00 in federal taxes out of it. Then I started receiving social security benefits. Do I need to file a tax return ?
HOW MUCH was the 401K distribution, and what is your age?
Distribution from 401k will be treated as your income. If the distribution plus 50% of social security benefit exceed the base amount, then part of SS benefits are taxable.
The base amount is $25,000 for single, head of household, married filing separately who did not live with the spouse in the year, and it is $32,000 for married filing jointly. For married filing separately who lived with the spouse any time in the year, the base amount is $0. Social Security Income and Disability Benefits Your U.S. Tax Return: The U.S. Income Tax Topics 1
STILL need to know how much and your age!
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