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Dman66
Level 1
November 16, 2022
Question

401k withdrawal

  • November 16, 2022
  • 1 reply
  • 9 views

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? 

    1 reply

    D
    drc845443
    Level 6
    November 16, 2022

    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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