Welcome! | Ask A Question
Asked 11/24/2008
|
If my company cancelled my 401k and i cashed it out and already paid taxes on it, do i need to claim this on my income taxes If my company cancelled my 401k and i cashed it out and already paid taxes on it, do i need to claim this on my income taxes at the end of the year? |
Answer 1/1 - Submitted 11/26/2008
You pay our taxes on this when you file your tax forms. I think you had money withheld when you cashed in the 401k so you have to report whatever happened and you can claim the withholding as a deduction. Your company will probably send you a form. If you ignore all this, it will be in limbo and you will probably hear from the IRS in the future.
Type your Answer in the box below and post your answer.
We cashed our 401k in last year, paid taxes, then we added that to our earned income, were we suppose to do that? isnt that double taxation?
I took money out of my 401k that i have through my work. i paid 10% taxes out of it when i got it. my husband did not include it as income on my 2008 taxes, is that suppose to be included on your taxers as income? we just recieved a tax bill from the irs for $2308 could i really owe that much, my disburesment...
I cashed in my 401k ( not ira )closed my account. i paid my federal and state tax on gross amount rec'd. can i have some type of break with my taxes on reporting this as income if i used this money for medical expenses. thanks
|
We cashed our 401k in last year, paid taxes, then we added that to our earned income, were... |
|
I took money out of my 401k that i have through my work. i paid 10% taxes out of it when i... |
|
I cashed in my 401k ( not ira )closed my account. i paid my federal and state tax on gross... |
|
A former employee left the company about 6 years ago and went to live in the uk. he is retired... |
|
How much taxes does maryland take out of a 401k when cashed out I have been trying to find out how much taxes maryland takes from your 401k when cashed out.... |
|
I owe state taxes and my company has just been bought out therefore i am loosing my job. can... |

Ask A Question
Ask a new question about
401k: