Gerald
GJR1950
Member Posts: 1 Newcomer
I am a senior, and have not had to pay federal taxes for years. I took $30K out of my 401K to by land to put a new double wide mobile home on, (this is my permanent home). Do I have to pay federal taxes on this withdrawal?
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Answers
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Withdrawals from a 401(k) plan are taxable income and you should have received a Form 1099R from the payer showing the amount you received in box 1 and the taxable amount in box 2a. If you had requested to have taxes withheld from your distribution, they will be shown in box 4. Whether and how much you will owe in taxes depends on other factors such as your filing status and your other income. You are required to file a Federal income tax return to report this income.
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