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HD
Lv 7
HD asked in Business & FinanceTaxesUnited States · 10 years ago

if i take $ out of my 401 does it count as income, i'm 65.?

just wondering if i'll get a w2 or 1099 for tax purposes.

5 Answers

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  • 10 years ago
    Favorite Answer

    You will get a 1099R. It was not treated as income when it went into the 401(k) now it becomes income.

  • Bobbie
    Lv 7
    10 years ago

    Yes you will receive a 1099-R and it will have the information and numbers in each box and that will ne the information that you will have to use to correctly complete your 1040 income tax return for the tax year after January 17 2012 during the tax filing season.

    The gross $$ amount and the taxable $$ will be entered on page 1 of the `1040 tax form line 16a Pensions and annuities Gross $$ amount and 16b $$ Taxable amount and the taxable amount will be added to all of your other total worldwide income from all sources and be subject to income taxes at your marginal tax rate at that time in your life.

    Hope that you find the above enclosed information useful. 11/11/2011

  • Judy
    Lv 7
    10 years ago

    Yes it counts as income. You'll get a 1099-R. You are over 59-1/2 so won't owe a penalty for early withdrawal.

  • Russ B
    Lv 6
    10 years ago

    Yes it is taxable, assuming it isn't a Roth-401K.

    Source(s): Enrolled Agent with 25+ years experience.
  • tro
    Lv 7
    10 years ago

    of course, and yes you will get a statement at the end of the year

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