I am 66 years old. if i retire in december 2018 and cash out my entire 401k in january 2019 what year will i have to pay taxes on my 401k

[DoninGA · Accepted solution]

If the withdrawal is during 2019 then it will be reported on your tax year 2019 tax return filed during calendar year 2020.  Federal income taxes are required to be withheld from the distribution by the plan administrator in the amount of 20% of the withdrawal.  A Form 1099-R will be sent to you in January of 2020 to be reported on your 2019 tax return.

[Anonymous]

you didn't ask, but maybe you should sit down with a tax advisor to see if taking it all in 2019 is a smart tax move.  perhaps some in 2018 and some in 2019   will produce a lower overall tax.   don't know if you're drawing social security but that could be affected by a large payout in 2019