Did I get charged a 10% penalty from my 401k withdrawal?

Jine

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?

PhillipB

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