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Asked 2/8/2010
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Just received money from my 401k from walmart. I have already done my 2009 taxes, do I report it this year,or next year? Just received money from my 401k from walmart. I have already done my 2009 taxes, do I report it this year for 2009's taxes or next tax year for taxes in 2010? the check is dated february...2010 |
Answer 1/1 - Submitted 2/8/2010
The taxes and (possibly) penalty will not be due until you file your taxes for 2010 due in April, 2011 since you received the distribution in February, 2010.. Be careful of the 401(k) distribution...did you take a lump sum distribution or are you receiving payments from the plan? As well, how old are you? Finally, did they withhold the 20% for a lump-sum distribution?
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