At 69 years old do i have to pay penalty on 401k withdrawal?

[sndrsikes]

I received $8,720 out of the total 10,900.00, in my 401K It is said that  2,180.07  is the fed income tax. Where does that show?

[VolvoGirl]

Right no penalty.    You had taxes withheld like from your paycheck. You still have to enter the whole gross original amount (before taxes were withheld) with your other income to figure out the total tax (and it may put you into a higher tax bracket) and then the withholding is subtracted from the total tax to figure your refund or tax due.  The gross amount shows up on 1040 line 4 and the withholding will show up on 1040 line 16.

[xmasbaby0]

You should have or receive a 1099R for the money you took from your 401k.  You will not have an early withdrawal penalty at your age, but it is taxable income. Enter the 1099R:

Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

[dmertz]

While there is no early-distribution penalty, you had only the default 20% withheld for federal taxes.  Depending on your overall tax situation, having only 20% withheld might have resulted in underpayment of taxes that could result in an underpayment penalty.  See IRS Tax Topic 306 for details regarding determining any penalty for underpayment of taxes:  https://www.irs.gov/taxtopics/tc306

Also, don't forget about state income taxes and any possible state underpayment penalty.