- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Cashed in 401k after going out on long term disability. If disbursement was coded 1 vs disability, does that effect the amount of taxes owed? Taxes paid when 401 cashed
I paid the 10% taxes when I cashed in my 401k.
posted
June 1, 2019
9:06 PM
last updated
June 01, 2019
9:06 PM
Connect with an expert
Do you have an Intuit account?
You'll need to sign in or create an account to connect with an expert.
1 Reply
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Cashed in 401k after going out on long term disability. If disbursement was coded 1 vs disability, does that effect the amount of taxes owed? Taxes paid when 401 cashed
paid the 10% taxes
You will still owe regular income taxes, but probably not an early withdrawal penalty. The 10% will be applied against what you owe for Federal (which may be at a higher rate than 10%).
Remember state taxes as well.
June 1, 2019
9:06 PM
Still have questions?
Make a post