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-   -   401k taxes (https://www.askmehelpdesk.com/showthread.php?t=184158)

  • Feb 14, 2008, 05:51 PM
    mesegars
    401k taxes
    I took out 18.000 from my 401k last year. The company I worked for was sold. I paid fed taxes on this money when I took it out. I was 59 years old. This year when I filed my taxes I gave h&r my form from them where I paid all fed taxes. They added the total amount I drew out to my total income after I paid taxes on it already. I am confused I had to pay fed tax twice on the withdrawel. Is this correct to do?
  • Feb 14, 2008, 09:09 PM
    MukatA
    Yes, on the tax return this 401K withdrawal will be added in your total income to figure out your tax. Then what you have already paid will be subtracted from it.

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