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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?

 
 
 
 
 
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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.

 
 
 
 
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