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Asked 1/23/2010
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Fired from job, employer distributed 401k after they took out taxes, will i have to pay taxes again Ok, this is my situation, i was fired from my job. i had 32k bucks in it, but after employer distributed my 401k, i got 22k. now this tax season, will i have to pay taxes again on that 22k? all feedbacks welcome and thank you for all the help in advance. |
Answer 1/2 - Submitted 1/23/2010
If the distribution happened in 2009, you'll report the distribution and tax withheld on your 2009 tax return.
You should be receiving a 1099R showing the amounts. This will be taxed, and you'll also have to pay a 10% penalty for early withdrawal.
You won't be paying taxes "again" as the withholding will go against any tax due for the year, or a refund given for any overpayment of tax.
Answer 2/2 - Submitted 1/23/2010
Thank you IMHO. so just to clarify, out of the 32k, the employer is holding 9600 which is 30%, 10% of which is probably the penalty your talking about. so i will be taxed on the 32k. if the 9600 covers it, then i am good, if overpayment, i get a refund, if underpayment, i pay the difference. but i won't be paying that tax and being taxed on the 22k right?
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