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Asked 1/13/2010

401K and my tax return

I withdrew my 401K last january..i paid tha taxes when i withdrew it...will it still affect tha amount of my return?

 
 
 
 
 
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Answer 1/1 - Submitted 1/14/2010

When you take money from a 401(k), the taxes they withhold are only an estimate. You report the distribution with all the rest of your income and calculate the tax. The withholding may have been less than you needed, or more, so Yes, in some way it will affect your refund.

 
 
 
 
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