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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 2821
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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I am 67 yrs old, I have money in my 401k from the job I retired.

Customer Question

I am 67 yrs old, I have money in my 401k from the job I retired. If I withdraw from there to pay state taxes that I owed from previous years., do I have to include the withdrawal as income?
Submitted: 3 years ago.
Category: Tax
Expert:  Barbara replied 3 years ago.

Welcome. My name is Barbara, and it will be my pleasure to assist you with your tax question today.

 

You will include the amount of the withdrawal as income and pay tax on that amount. You will not, however, incur any penalty for doing so since you are over 59 1/2.

 

Please let me know if I can assist you further.

 

Thank you and best regards,

Barb

Expert:  Barbara replied 3 years ago.

Hi, Loyda.

 

I see you are now offline. Please let me know if you have any follow-up questions or need additional information or clarification. If so, please come back to me here, and I will be happy to assist you. If you have all of the information you need, please take a moment to rate my answer to you since that is an important part of being an expert on JustAnswer, and I strive for excellence.

 

Thank you and best regards,

Barb

 

 

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