turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

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%.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies