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401 k taxes
I have the 401 k plan at work, but I need to withdrawal the money to pay for funeral expences I want to know what's the penalties and taxes ,and also if when I receive the money do I have to reported to my taxes even if they withhold the taxes in the 401 k plan
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Any withdrawal from 401K is your ordinary income. So you must report it on your tax return. If you are under 59 1/2, you will also pay 10% early withdrawal penalty. Your U.S. Tax Return: Elective Deferrals 401(k) Plans |
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