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401K and Taxes
Posted on 1/13/13 at 9:31 am
Posted on 1/13/13 at 9:31 am
If I took out less than $10,000 out of my 401K, do I have to report that when filing my taxes?
1
Posted on 1/13/13 at 9:38 am to Chatagnier
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.
Posted on 1/13/13 at 10:09 am to Layabout
Thanks. I should receive that 1099 from Fidelity in the mail?
Posted on 1/13/13 at 12:53 pm to Chatagnier
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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