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Asked 1/20/2009
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I took my 401k money in 2008 but didn't work 2008 do i need to file taxes? I received my 401k money from my previous job. I didn't work at all in 2008 do i still have to file taxes and if yes i have 2 kids can I still claim them? Also if I do have to file do i fill out a 1040 or 1099 form? |
Answer 1/1 - Submitted 1/20/2009
The distribution from the 401k will be reported to you on a 1099-R, it is also reported to the IRS.
To file your income tax you use a 1040 line 16 a & b. If the dependents are yours to claim do it. If you are under 59& 1/2 you will not only have ordinary income tax line 44 but a 10% penalty line 59 some times you need to attach a 5329.
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