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Asked 4/13/2010

Does est. tax taken from early 401k withdrawal include OASDI & Medicare?

I never received a 1099-R from the plan administrator. I have requested it but until it arrives I only have the total '1099-R Federal Deduction' amount noted on the check. Does this deduction usually include OASDI & Medicare? I looked at a sample 1099-R online and didn't see a box for either. Thanks!

 
 
 
 
 
Answers

Answer 1/4 - Submitted 4/13/2010

The amount that was deducted equals exactly 20% of the total 401k distributed, which I guess is standard.

 
 

Answer 2/4 - Submitted 4/13/2010

No, it's customarily just federal income tax.

 
 

Answer 3/4 - Submitted 4/13/2010

Retirement distributions (even if you aren't retired yet) aren't subject to OASDI or Medicare.

 
 

Answer 4/4 - Submitted 4/14/2010

Thank you so much. I was 90% sure, but hearing it from someone who knows makes all the difference!

 
 
 
 
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