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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
- Max HooplaLv 710 years agoFavorite Answer
You will get a 1099R. It was not treated as income when it went into the 401(k) now it becomes income.
- BobbieLv 710 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
- JudyLv 710 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 BLv 610 years ago
Yes it is taxable, assuming it isn't a Roth-401K.
Source(s): Enrolled Agent with 25+ years experience.