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Asked 1/1/2008
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401k How many years do I have to report 401k withdaw |
Answer 1/1 - Submitted 1/2/2008
If you had 401k funds transferred to another 401k plan or IRA, these funds are not taxable at this time. If you actually receieved those funds for personal use, they are taxable for the year they were receieved. Most 401k programs have significant penelties for early withdraw and all are required to withhold taxes before you get what is remaining. It would be beneficial to include your withdraw with your next filing.
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