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melaniemillerhol
Level 1

I cashed out my pension last year. Will I have to pay additional taxes or do they hold all taxes at the time of cash out?

 
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xmasbaby0
Level 15

I cashed out my pension last year. Will I have to pay additional taxes or do they hold all taxes at the time of cash out?

You will receive a 1099R  in late January for the pension you "cashed out."  Any taxes withheld were estimated.  You may still owe an early withdrawal penalty (depending on your age) or ordinary taxes when that income is added to your other 2017 income.

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

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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xmasbaby0
Level 15

I cashed out my pension last year. Will I have to pay additional taxes or do they hold all taxes at the time of cash out?

You will receive a 1099R  in late January for the pension you "cashed out."  Any taxes withheld were estimated.  You may still owe an early withdrawal penalty (depending on your age) or ordinary taxes when that income is added to your other 2017 income.

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

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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