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I left my company last year the beginning of 2018 took out a lump sum of my 401k I paid all my state taxes Internal Revenue Service taxes do I still have to pay taxes on this money

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Best answer by MichaelL1

You really only had taxes deducted when you got the payout from the 401K.

Now you get a 1099R that has to be on your tax return. It will show the income and also any amounts you already paid in for Federal and State taxes.

Note: If under 59 1/2 there is a 10% Federal penalty for an early withdrawal and the amount is subject to income taxes.

Employee

You really only had taxes deducted when you got the payout from the 401K.

Now you get a 1099R that has to be on your tax return. It will show the income and also any amounts you already paid in for Federal and State taxes.

Note: If under 59 1/2 there is a 10% Federal penalty for an early withdrawal and the amount is subject to income taxes.

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