do u have to pay taxes on a 401k plan if you withdraw money at an early age?

Question

i use to work for the post office for 8 yrs and will i worked in the post office i had a 401k plan that i withdrew money from, the question here is do i have to pay taxes on that money i withdrew being that at the time i was 32 yrs old? i wasnt 59 yrs old i was 32 yrs old. i have recieved documentations stating that i have been penalized and that now i have to them back some money?

Answer 1

Not only do you have to pay taxes, at the rate you were taxed when you withdrew the money, but you usually have to pay a penalty, too, depending on how the money was invested. if it was in a CD, it can be quite expensive to cash out early, and should only be done in dire emergencies. Good Luck!!

Answer 2

Do you ensue to have 2 separate 1099R on your hand yet for the distributions for each objective direct move trustee to trustee 401K for your IRA account and then yet another 1099R for the IRA distribution quantity that you probably did receive in the course of the 2012 tax 365 days for this objective and time on your life. 1099R IRA distribution 1040 web page a million line 15a and 15b 1099R 401K distribution line 16a and 16b Taxes withheld 1040 web page 2 line sixty 2 for this objective. the ten% early withdrawal penalty quantity will be entered on the 1040 web page 2 line fifty 8 in the course of the 2013 tax submitting season for the 2012 tax 365 days No you could't use the early withdrawal penalty quantity for the different objective today. and also you do do not ignore that any lower than fee of your in fantastic condition criminal duty income tax quantity is going to be costing you consequences and some activity quantities once you do finally end up owing more desirable than 1000 of ft for 2012 tax 365 days that would want to were paid by using January 15 2013 as envisioned tax utilizing the variety 4 fee voucher for the 2012 tax 365 days on the instantaneous. desire that you stumble on the above enclosed counsel functional. 01/26/20`13

Answer 3

You need to contact a CPA. You will have to pay 10% early withdrawal penalty (this is paid with your taxes). I dont know about the money you need to send back. I am unaware of this requirement, as you should only be able to withdraw up to the amount of funds you had put in, not the funds that were matched, if any.

Answer 4

Yes, you have to pay taxes and possibly an early withdraw penalty fee.

Answer 5

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