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It wasn't a tax question i t was how to take money out of my…

Customer Question
It wasn't a tax...

It wasn't a tax question i t was how to take money out of my account

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I am 77 an still work but would like to take some out of my account

Accountant's Assistant: Is there anything else important you think the Accountant should know?

Im not sure

Submitted: 9 months ago.Category: Finance
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Answered in 10 minutes by:
9/24/2017
Financial Professional: Tax.appeal.168, Accountant replied 9 months ago
Tax.appeal.168
Tax.appeal.168, Accountant
Category: Finance
Satisfied Customers: 4,715
Experience: Tax Accountant
Verified

Hello. Thank you for choosing this Q&A service for assistance. My name is Angela. I will be assisting you.

What type of account are you referring to? A retirement account? If so, what type of retirement account, traditional IRA, Roth IRA, private pension, etc.? Please advise.

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Customer reply replied 9 months ago
401k
Financial Professional: Tax.appeal.168, Accountant replied 9 months ago

Hello again,

Thank you for the clarification. You can request to withdraw funds from the plan administrator. The distribution amount will be taxed as ordinary income in the year the funds are distributed to you, however, as you are older than 59-1/2 years old, there will not be a 10% early withdrawal penalty. At the end of the year, you should receive a Form 1099-R showing the distribution amount. It should be classified as a normal distribution. For more detailed information regarding the 401K distribution rules, you can refer to the following link;

https://www.irs.gov/retirement-plans/plan-participant-employee/401k-resource-guide-plan-participants-general-distribution-rules

If the information that I provided clarifies matters for you, I ask that you be so kind as to scroll to the top of the page and select 3 or more stars to positively rate my response so that I can receive credit for assisting you. A 5 star rating is most appreciated. Thank you in advance.

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