Does cashing out a 401k count as income?

bigmike2059 — Thu, 06 Jun 2019 05:44:01 GMT

I want to claim my dad who is disabled but he cashed out his pension so im not sure if its a good idea

Yes, cashing 401K account is considered taxable income to...

MargaretL — Thu, 06 Jun 2019 05:44:03 GMT

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.

topic Does cashing out a 401k count as income? in Retirement tax questions

Does cashing out a 401k count as income?

Yes, cashing 401K account is considered taxable income to...