I have a small amount (~$7,000) in my 401K from my last 3 years of teaching. Because I turned 72 in August I have been informed that I must take distributions beginning Nov. 10. Because Social Security has determined that they overpaid me (I have a small Greek pension) and stopped all payment in March, I have very little income this year ($800/month from my investments), so $9,600 for the year. My question is, can I just deposit the $7,000 from my 401K in my bank account? How much tax will I pay?
