I cashed out my pension last year. Will I have to pay additional taxes or do they hold all taxes at the time of cash out?

melaniemillerhol · ‎June 6, 2019

xmasbaby0 · ‎June 6, 2019

You will receive a 1099R in late January for the pension you "cashed out." Any taxes withheld were estimated. You may still owe an early withdrawal penalty (depending on your age) or ordinary taxes when that income is added to your other 2017 income.

Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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xmasbaby0 · ‎June 6, 2019

You will receive a 1099R in late January for the pension you "cashed out." Any taxes withheld were estimated. You may still owe an early withdrawal penalty (depending on your age) or ordinary taxes when that income is added to your other 2017 income.

Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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I cashed out my pension last year. Will I have to pay additional taxes or do they hold all taxes at the time of cash out?