Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
rusticmay11
New Member

Do i need to file taxes if i only made 500.00

but i did take out my 401 which was taxed then...i needed money to move, since i have lost....thanks
1 Best answer

Accepted Solutions
KarenL2
Level 5

Do i need to file taxes if i only made 500.00

Yes.  It is likely you will have to pay an early withdrawal penalty for your 401(k) withdrawal and that will have to reported.  You should receive a Form 1099-R for the 401(k) withdrawal. Whether or not you owe any taxes will depend on your combined total income, taxes withheld, and the amount of the penalty, if any. 


View solution in original post

1 Reply
KarenL2
Level 5

Do i need to file taxes if i only made 500.00

Yes.  It is likely you will have to pay an early withdrawal penalty for your 401(k) withdrawal and that will have to reported.  You should receive a Form 1099-R for the 401(k) withdrawal. Whether or not you owe any taxes will depend on your combined total income, taxes withheld, and the amount of the penalty, if any. 


View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v