It depends. Withdrawals from a 401K plan are considered taxable income, at least on the Federal Return. Usually, the 401K trust will withhold 20% to protect against the early withdrawal penalty (which is an additional 10% tax added to the regular income tax). You won't have this penalty because you are over 59 1/2. It is likely that you won't get all of the withheld tax back, but the only way to find out is by filing your tax return. When you do, you will look for the Retirement Income screen on the Federal Income tab. You will have received a Form 1099-R to report your retirement to you. Put this information into TurboTax, and the program will help determine how much of these withheld taxes may be refunded to you.
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