Does cashing out a 401k count as income?

Forum|Forum|7 years ago
June 6, 2019
1 reply
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I want to claim my dad who is disabled but he cashed out his pension so im not sure if its a good idea

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MargaretL

Level 12

Yes, cashing 401K account is considered taxable income to your parent.

You can claim your dad if his pension is less than $4,050 and you provided more than half of his total support. Otherwise, you don't qualify to claim him.

Does cashing out a 401k count as income?

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