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    gldmls's Avatar
    gldmls Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 20, 2009, 01:57 PM
    401 Early Withdrawl
    I cashed in some of my 401K in 2008 as an early withdrawal-no taxes were withheld. I'm ready to file my 2008 income taxes, do I have to include my 401k withdrawal as part of my 2008 earnings or, could I wait until next year without any further penalties?

    Thank you,
    GLD
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Feb 20, 2009, 02:03 PM

    You report any withdrawals made in 2008 on your 208 taxes. You should have received a 1099-R form from the plan administrator - it will show how much to report as a distribution. If the withdrawal is subject to the 10% early withdrawal penalty (distribution code "1" in Box 7 of the 1099-R) , you report that on line 60 of Form 1040, "Additional tax on IRAs, other qualified retirement plans, etc." You must file form 1040 if a penalty is due.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Feb 20, 2009, 02:04 PM

    You should have gotten a 1099-R, you have to include it in your taxes for the year the 1099 was issued.
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