Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
T
tinarx317
March 18, 2025
Question

Will I owe taxes next year if I withdrawal some money from my 401k plan?

  • March 18, 2025
  • 1 reply
  • 0 views
I want to withdrawal some money from my 401k plan. Will I have to pay taxes on it next year when I file?

1 reply

M
MayaD
March 18, 2025

Yes, any withdrawals you take from your 401(k) in retirement will be taxed at your ordinary income tax rate. You must also pay a 10% penalty on the amount withdrawn if you're under the age of 59½ unless an exception applies.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
TurboTax Sign In Widget
TurboTax flag icon

Unlock tailored help options in your account

Create an account
TurboTax Expert Assist
TurboTax Expert

Get answers to all your tax questions

Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

Terms & ConditionsCookie settingsAccessibility statement
Intuit
TurboTax Credit Karma QuickBooks MailChimp

©1997-2022 Intuit, Inc. All rights reserved.
Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
of Intuit Inc. Terms and conditions, features, support, pricing, and service options
subject to change without notice.

Security Certification of the TurboTax Online application has been performed by
C-Level Security.

By accessing and using this page you agree to the Terms of Use.

Accessibility

TRUSTe nResult Certified e-File C-Level Security Certification