401 K withdrawals

[RLaBerge]

If you are working full time at age 70, are you still required to make minimum withdrawals from your 401K acounts?

[RachelW33]

In general, you are required to begin taking Required Minimum Contributions (RMD's) from your 401(k) plan the later of the calendar year in which you reach age 70½ or when you retire. 

However, the specific terms of your 401(k) plan govern when you must begin RMD's.  You will need to check with your 401(k) Plan Administrator to determine whether or not you can delay your RMD's until you actually retire.

For more information, you can click this link to check out this IRS Retirement Topic:  Required Minimum Distributions (RMD's).

[Trevor Grodzian]

I have a question for you i did my taxes and was wondering if my 401k was added to them.

[DoninGA]

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@Trevor Grodzian wrote:

I have a question for you i did my taxes and was wondering if my 401k was added to them.

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Absolutely no one but you can view your tax return.

Was this a contribution to a 401(k) or a withdrawal from a 401(k)?

[BillM223]

"was wondering if my 401k was added to them."

If you mean "was my 401(k) contribution added to my return?", then look at your W-2. A 401(k) contribution is normally found on your W-2 in box 12 with a code of D. This dollar is subtracted from Wages in box 1 on your W-2 but not from boxes 3 and 5 - this is an easy way to see that a 401(k) contribution is not taxable.

But if you mean "Was my 401(k) distribution added to my return?" then look at lines 4c and 4d on your form 1040. Line 4c will be the amount of the distributions (the total amount if you have more than one), and line 4d will be the taxable amount, if any.

In the desktop version of TurboTax, to find form 1040, click on Forms on the upper right.

In the Online version of the product, to find form 1040, look for Tax Tools on the left, then Tools, then View Tax Summary )in the center), then Preview My 1040 back on the left.