Yes. It is likely you will have to pay an early withdraw...

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

posted

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.