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Level 1

I left my company last year the beginning of 2018 took out a lump sum of my 401k I paid all my state taxes Internal Revenue Service taxes do I still have to pay taxes on this money

 
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Level 7

I left my company last year the beginning of 2018 took out a lump sum of my 401k I paid all my state taxes Internal Revenue Service taxes do I still have to pay taxes on this money

You really only had taxes deducted when you got the payout from the 401K.

Now you get a 1099R that has to be on your tax return.  It will show the income and also any amounts you already paid in for Federal and State taxes.

Note: If under 59 1/2 there is a 10% Federal penalty for an early withdrawal and the amount is subject to income taxes.

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Level 7

I left my company last year the beginning of 2018 took out a lump sum of my 401k I paid all my state taxes Internal Revenue Service taxes do I still have to pay taxes on this money

You really only had taxes deducted when you got the payout from the 401K.

Now you get a 1099R that has to be on your tax return.  It will show the income and also any amounts you already paid in for Federal and State taxes.

Note: If under 59 1/2 there is a 10% Federal penalty for an early withdrawal and the amount is subject to income taxes.