Tax on cashing out the retirement plan

[macuser_22]

Depends on the type of plan - 401(k), IRA, Roth or other type - and your age, if you are subject to an early distribution penalty.  Most before-tax retirement plans are taxed as ordinary income at what ever your tax rate is plus a 10% penalty if under age 50 1/2 but that can be different depending on the type of plan.    Might also be subject to state tax.

[DoninGA]

Depending on the plan type, a withdrawal from a tax deferred retirement plan is entered on your tax return as ordinary income along with your other income and taxed at your current tax rate. 

You will receive a Form 1099-R from the plan administrator and depending on the type of plan you may have federal income taxes withheld from the withdrawal.  If you are under the age of 59 1/2 you will also be assessed a 10% early withdrawal penalty on the amount withdrawn on your federal tax return.

For a withdrawal in 2019 you will receive the Form 1099-R from the plan administrator in January 2020.  You enter the 1099-R as received on your federal tax return, Form 1040.

[Anonymous]

and is it your retirement plan or an inherited retirement plan