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    bleacher's Avatar
    bleacher Posts: 1, Reputation: 1
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    #1

    Sep 29, 2007, 07:22 PM
    401K taxes
    Will be withdrawing all money. Over 60 yrs old. I know they will take 20% for taxes. What about when I do my taxes? Will I be taxed again on what I received? Thanks.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Oct 1, 2007, 02:02 PM
    The 20% is a down payment on the tax you will owe.

    HOW MUCH that tax is depends on your overall income picture.

    Since you are over 60 years of age, NO 10% Early Withdrawal Penalty is due.
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