401k tax question

[tkim11]

Ok, I liquidated my 401k this past summer (was in a lil trouble) and now I'm confused. I had lil over 8k and got lil over 5k and paying all the things I think I paid upfront.

How do I report this to the IRS? The fed took their share and so did the state. But I dont know if I need to pay more or not. I know this is an additional income so will I be getting some form from my prv company on top of the W2?

 

[BetIt]

You should receive a 1099-R (I believe that's the correct form) in the mail from whoever your 401K was with.

 

[shdw01]

you will get a 1099 and this will go on your 1040....if you did withholding as you said, you should be okay with the added income.

 

[tkim11]

I've heard some horror stories about owing shit load of money after withdrawal. I think after taking about lil less than half of my money that would be enough. Fucken IRS, better leave me alone.

 

[Jetplane]

owing a shitload--IF--they didn't take their share. if you did then you'll be fine. You'll be getting the 1099 from the 401k company like they said. Give that to your tax preparer.

 

[PatrickMcIrish]

Isn't there all kinds of taxes and penalties for taking this early? Maybe they take those fees upfront? I know if you don't roll it over into another program within 60 days or so they really bend your ass over. I wouldn't have touched it unless it was a last resort.

 

[BetIt]

-8K
-Got 5K
-3K in taxes/penalty, etc

10% early withdrawal

-$800 penalty

Assuming he has other income...4.75% for MD

-$380 state taxes

-Leaves about $1820 for federal taxes on 8K income. That's about 22% for federal taxes. Assuming he makes more than 32.5K, he's probably going to owe on it.