Ask Experts Questions for FREE Help !
Ask
    Artmarr112245's Avatar
    Artmarr112245 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 2, 2007, 09:46 AM
    401 K Cash Out
    I quit my job in November of 2005. I took 72000.00 out of my 401K and rolled it over into a Schwab investment account. I now have received a 1099 with the distribution marked as "G" Do I have to pay income tax on this money?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 2, 2007, 10:14 PM
    No. The Code G means Direct Rollover and Rollover Contribution.

    Rollovers do not generate tax liability.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Looking for my 401 [ 3 Answers ]

I need help if any one has any information to share, I would greatly appreciate. I have money invested in a retirement from a job I worked at about 5+ years ago. Since I quit, the medical clinic has closed it's doors. I can not remember the name of the retirement funds that we used and would...

401 k [ 1 Answers ]

Is there a penalty for borrowing on a 401 k?

401 K question [ 2 Answers ]

I will be leaving my employer at the end of the month. I intend to roll over my 401k account to an IRA. If I wished to keep what funds I have contributed this year, do the penalties still apply?

Transferring a 401 [ 2 Answers ]

I have an account with Valic about 100K in it, it is in a retirement 401 started with my old co. I have moved to a new job, they have a 401 k with BBand T. Should I transfer the original 401 or just start a new one. If I leave the original I can not add to it right? What's the best way to have...

View more questions Search