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Chatagnier
New Orleans Saints Fan
Thibodaux
Member since Sep 2008
4311 posts

401K and Taxes

If I took out less than $10,000 out of my 401K, do I have to report that when filing my taxes?


Layabout
UNO Fan
Baton Rouge
Member since Jul 2011
8547 posts

re: 401K and Taxes
Yes. The financial institution will report it to the IRS and issue you a 1099. If you're less than 59-1/2 you will also owe a penalty in addition to the tax.


Chatagnier
New Orleans Saints Fan
Thibodaux
Member since Sep 2008
4311 posts

re: 401K and Taxes
Thanks. I should receive that 1099 from Fidelity in the mail?


Layabout
UNO Fan
Baton Rouge
Member since Jul 2011
8547 posts

re: 401K and Taxes
Yes. BTW are you over 70-1/2? If so there is a required minimum that you have to take out of the account every year. Again there's a penalty if you don't take enough out.


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