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seeker613
New Member

for someone over 65, is a one time lump sum payment from a 401K taxable?

 
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2 Replies
Vanessa A
Employee Tax Expert

for someone over 65, is a one time lump sum payment from a 401K taxable?

Yes. it is included in your taxable income, but it is not subject to the 10% early withdraw penalty.  

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for someone over 65, is a one time lump sum payment from a 401K taxable?

Yes, it is taxable.  There is no age limit exception for a withdrawal from a 401(k).

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