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Asked 1/28/2012
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I recived all my 401k will i get money from the withheld federal taxes on the 1099R form When i file my taxes will i get any money from the with held federal taxes on the 1099R form from getting entire 401k |
Answer 1/2 - Submitted 1/28/2012
If you are 59 1/2 or older, there is no 10% penalty, so whether you receive the withholding on the 1099R is totally based on your total exemptions, dependents and other allowable deductions that reduce your total income to a taxable income of zero, so that you owe no tax. Since I do not know your situation, there may be credits available also.
Answer 2/2 - Submitted 1/28/2012
How much is "all my 401k"? For example, if you took out half a million dollars all at once, you'll owe quite a bit more.
As stated in the answer above, there are simply too many variables to tell you if the 20% that was withheld from the distribution will cover your tax liability or if you may get a portion of it back.
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