401K and Taxes | TigerDroppings.com

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Chatagnier
New Orleans Saints Fan
Thibodaux
Member since Sep 2008
3621 posts
 Online 

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?






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Layabout
UNO Fan
Baton Rouge
Member since Jul 2011
6635 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.





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Chatagnier
New Orleans Saints Fan
Thibodaux
Member since Sep 2008
3621 posts
 Online 

re: 401K and Taxes


Thanks. I should receive that 1099 from Fidelity in the mail?





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Layabout
UNO Fan
Baton Rouge
Member since Jul 2011
6635 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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