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sharsingley
Level 1

I was 62 years of age & used part of 401K for income, rent & Dr. visits, where is my tax break ?

 
2 Replies
MinhT1
Expert Alumni

I was 62 years of age & used part of 401K for income, rent & Dr. visits, where is my tax break ?

Distributions from your 401(k) account are taxable at your normal tax rate without exception.

 

As you are over age 59 1/2, these distributions are not subject to the early withdrawal penalty of 10%.

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fanfare
Level 15

I was 62 years of age & used part of 401K for income, rent & Dr. visits, where is my tax break ?

Your tax break is the Standard Deduction of $12,200.

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