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Asked 1/16/2010
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401k distribution from divorce and taxes I was divorced in 2009. I was awarded 20000.00 from my ex 401k by qdro. It is now 2010. Will they withhold the IL state and fed tax before sending me the check? I heard in a divorce the early withdrawel penalty of 10% is waived when it pertains to a divorce order. Also, do I have to claim this as income on my taxes this year or next year? |
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Lets say that i take a distribution from my former companys 401k and after the 20% federal tax is taken out when i file next year will i have to pay taxes on the balance i actually received after the 20% was taken.i am also going to have them take additional 5 percent and 10 percent from my state tax
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