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Do I have to pay taxes and a penalty on my 401K when I took the entire amount out after I was laid off? Im 36 years old.
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Yes, you will have to pay penalty for early withdrawal.
All withdrawals from tax-advantaged plans are subject to regular income tax and additional 10% penalty for early withdrawal. There are some exemption that may only applies to the additional 10% penalty for early withdrawals.
Th exceptions are listed here. https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distri...
When you withdraw from a retirement plan, the plan administrator sends you a 1099-R income statement by January 31 of the next year. That income is reported on your tax return. There are questions in Turbotax that will allow you to indicate if you qualify for an exemption and prepare the correct forms.
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