Question

I cashed out my 401 when I was let go. It waa 18000. They took 4500 for taxes and such. Received a 1099-R that shows the fed tax taken out. Do I get some of that back when I file?

Forum|Forum|5 years ago
January 28, 2021
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The tax which you paid when you withdrew your 401(k) is withholding taxes. It is reported in box 4 of your form 1099-R. When entering your form 1099-R in your tax return, do not forget to enter box 4.

This tax withheld will serve as a credit to reduce your tax liability. If the tax withheld exceeds your tax liability, you will receive a refund.

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fanfare

Employee

18000 is a lot to cash out.

Didn't they inform you of your right to roll this all over tax free.?

You will in addition pay a penalty for an early distribution from your 401k.

I cashed out my 401 when I was let go. It waa 18000. They took 4500 for taxes and such. Received a 1099-R that shows the fed tax taken out. Do I get some of that back when I file?

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