401k withdrawal

If I take money out of my 401k or Ira am I required to file taxes even though I'm below the amount required to file taxes?

posted

Hello there!

If you are below 59 1/2 years, I would recommend that you file a tax return as there is potential that you could owe a 10% penalty on the withdrawal.

You should also consider your state filing requirements as some states have very low thresholds for filing.

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