Re: Should I take a percentage out of my 401K for ...
Level 15

Retirement tax questions


@122joycenorman wrote:

Thanks . Now if I let them take the taxes out now do you still have to claim it on my 2020  when I file them


You will receive a Form 1099-R for the distribution.  You report the Form 1099-R on your tax return as received.  The federal income taxes withheld will be in box 4 of the form.  The federal income withheld are entered on your tax return as a tax payment.  In the same way as federal income taxes withheld on a W-2 are reported.

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