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Does cashing out a 401k count as income?
I want to claim my dad who is disabled but he cashed out his pension so im not sure if its a good idea
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posted
June 5, 2019
10:44 PM
last updated
June 05, 2019
10:44 PM
1 Reply
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Does cashing out a 401k count as income?
Yes, cashing 401K account is considered taxable income to your parent.
You can claim your dad if his pension is less than $4,050 and you provided more than half of his total support. Otherwise, you don't qualify to claim him.
June 5, 2019
10:44 PM
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