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You really only had taxes deducted when you got the payout from the 401K.
Now you get a 1099R that has to be on your tax return. It will show the income and also any amounts you already paid in for Federal and State taxes.
Note: If under 59 1/2 there is a 10% Federal penalty for an early withdrawal and the amount is subject to income taxes.
You really only had taxes deducted when you got the payout from the 401K.
Now you get a 1099R that has to be on your tax return. It will show the income and also any amounts you already paid in for Federal and State taxes.
Note: If under 59 1/2 there is a 10% Federal penalty for an early withdrawal and the amount is subject to income taxes.
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