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June 1, 2019
Question

Do i need to file taxes if i only made 500.00

  • June 1, 2019
  • 1 reply
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but i did take out my 401 which was taxed then...i needed money to move, since i have lost....thanks

1 reply

June 1, 2019

Yes.  It is likely you will have to pay an early withdrawal penalty for your 401(k) withdrawal and that will have to reported.  You should receive a Form 1099-R for the 401(k) withdrawal. Whether or not you owe any taxes will depend on your combined total income, taxes withheld, and the amount of the penalty, if any.