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

    May 2, 2007, 07:45 PM
    401k tax while working and over 70 years old
    When working and over 70 years old and having a 401k am I required to pay taxes on a portion of my 401k ?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    May 3, 2007, 01:05 AM
    If you get a distribution from the 401K, yes, you will have to pay income taxes on the distribution. NO early withdrawal penalty is due, however.
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!

401K loan, now working abroad [ 5 Answers ]

Previously I left my employer in December and began working the next year internationally (entire year, no US income). Since I had a 401k loan it was reported as a distribution but not until Februrary of the subsequent year. What tax implications will this have since my income is below the...

3rd Calendar years tax return [ 5 Answers ]

My husband and I are from South Korea. My husband has worked for University since Sep.01.2004. We have J1 and J2 visa. (entered U.S. Aug.11.2004 ) I never worked in U.S. After he came in U.S. he renewed his contract with Univ. (1st contract: 09.2004~08.2005, 2nd :09.2005~08.2006 , 3rd:...

F1 student tax status after 5 years [ 3 Answers ]

I am from India. I have been a F1 student for more than 5 years now. As I understand I am a resident for tax purposes. What all forms should I file for 2006 returns. I know I can't file 1040NR anymore. Also, will I be eligible for US-INDIA tax treaty anymore. I live in Nebraska Thanks...

Federal Tax for H1B holder in the first 3 years [ 3 Answers ]

I heard there will be no federal tax for H1B holders for the first 3 years. Is it true?

View more questions Search