[less taxes]

I took 50000.00 out of my 401 to buy a second house what are my taxes. I am retired but under 55 years of age.

[ebaines]

Your 401(k) plan administrator should have sent you a 1099-R form that reports the amount of withdrawal and the amount of tax that was withheld from the distribution. You pay ordinary income tax on the full amount of the withdrawal - enter the $50K amount on line 16 (“Pensions and Annuities”). If any part of the withdrawal is due to after-tax money that you invested, this will reduce the taxable portion.

Since you are under age 55 and this does not qualify for one of the exceptions from the 10% early withdrawal penalty, you indicate a$5,000 penalty on line 58 of your form 1040 (“Additional tax on IRAs, other qualified retirement plans, etc.).

You show taxes already withheld as documented on the 1099-R form on line 62 (“Federal income tax withheld from Forms W-2 and 1099”).