I withdrew funds from retirement because i no longer work for that company. Will i have to pay taxes on the withdrawal?

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I withdrew funds from retirement because i no longer work for that company. Will i have to pay taxes on the withdrawal?

Yes plus a penalty if you are under age 59 1/2. You may qualify for an exemption to the penalty but not the tax unless you rolled it over within 60 days of receipt. See About Form 5329, Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts

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I withdrew funds from retirement because i no longer work for that company. Will i have to pay taxes on the withdrawal?

It's age 55 (not 59.5) for an employer plan.

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