401k

Jine
Jine Member Posts: 3 Newcomer
in General

My husband started his new job in January and he had a 401k with his old job around $1250 and they roll over the money to another company so we decided to withdraw the money and they end up giving us around $990 because they did take the taxes from there so inwas wondering if we would have that 10% penalty when filing our taxes or if we may own?

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  • PhillipB
    PhillipB FreeTaxUSA Team Posts: 69

    Hello,

    The 10% will apply unless you meet one of the exceptions. This is why retirement withdrawals have 20%+ withholding for people under the age of 59.5.

    Let me know if that answers your question

    Thanks for using FreeTaxUSA Community

    PhillipB Tax Pro Agent, FreeTaxUSA

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