Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I want to withdraw some money from my 401k like I do every…

Customer Question
I want to withdraw...

I want to withdraw some money from my 401k like I do every year. The withholding is 20 percent. Will that change in February?

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

I am 71 years old. I withdrew 18K last year

Submitted: 7 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
1/1/2018
Tax Professional: Lev, Tax Advisor replied 7 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,333
Experience: Taxes, Immigration, Labor Relations
Verified

Generally - withholding from distribution will be 10% if you are above 59 1/2.

Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 7 months ago

Withholding is NOT changed unless you specifically ask for that.

Here is the form to use

https://www.irs.gov/pub/irs-pdf/fw4p.pdf

You may prepare this form and send to the administrator of your 401k plan - they will be based withholding based on that form.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,333
33,333 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I am under 59.5 years of age and may need to withdraw all my
Hello. I am under 59.5 years of age and may need to withdraw all my money from a previous employer's 401k plan to pay for a house my wife and I are looking to purchase. It is NOT a first home, but it … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,665 satisfied customers
You helped me before my mother lives overseas and last year
Hello Barbara you helped me before my mother lives overseas and last year took out $190,319 from my deceased fathers 401k, I believe that's with the 20 percent tax withholding for federal. The withdra… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,665 satisfied customers
I am 57 years old and my job has just been terminated. I would
I am 57 years old and my job has just been terminated. I would like to use some of my assets in my 401K to hold me over until I can collect my pension at age 58. As I understand it from Pub 575, is th… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Heres my situation: I dont want to file for bankruptcy
Here's my situation: I don't want to file for bankruptcy so I need to make a withdrawal from my 401K. I am 50 years old and was downsized in 2009. I'm currently under-employed and still in the process… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
For Barb, Hi Barbara. I have a few more questions pertaining
For Barb, Hi Barbara. I have a few more questions pertaining to my last inquiry with you. Me being 59.5 years old I am planning on taking out $100,000 instead of $75,000 from my 401K. Will that be put… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,665 satisfied customers
If I withdraw money from my IRA, would it be best to have them
If I withdraw money from my IRA, would it be best to have them take out the tax or not? If not, should I keep the 20% in a savings account? or could I reinvest in another ira for tax reasons? I wouldn… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
In February, 2010 I withdrew $190,000 from my 401K plan. At
In February, 2010 I withdrew $190,000 from my 401K plan. At that time I paid tax on the amount of 20% or $38,000. At the time of the withdrawl I was 63 years old. As it turns out I did not need all th… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
Im 64 years old -- I have 56K in a company 401K -- this
I'm 64 years old -- I have 56K in a company 401K -- this plan will not let me brought against it -- I need the money to start a business -- if I withdraw it,they will take 20 percent out for fed. taxe… read more
Bizhelp
Bizhelp
Certified Public Accountant (CPA)
Bachelor's Degree
638 satisfied customers
Hi I have 44K in an IRA. I need to take it out because I
Hi I have 44K in an IRA. I need to take it out because I lost my job 7 months ago. If I take it out from my last employer. How much tax would I owe to the IRS? And what would I remain with? Still not … read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,605 satisfied customers
I was out of work for the year 2009. I took my 401K from my
I was out of work for the year 2009. I took my 401K from my last company and rolled it over into an IRA. With tough times I did withdraw money from my IRA. I am 55 years old. Will I have to pay penalt… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I withdrew money from my 401K to pay off credit cards. They
I withdrew money from my 401K to pay off credit cards. They withheld 20%. I am age 67 and still working. Why do they withhold 20%, 10% I could understand. The money is mine and I am over 65. Is there … read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
I am 62 years old and still working I had 25,000 IRA with
I am 62 years old and still working I had 25,000 IRA with company called next financial company lost the money in the stock market i ended up with 13,000 i took the 13,000 out in FEB 2009. how can I a… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
What can I do IRS send me a mail saying I need to pay more money for 2007 tax retur
as I said, I received a letter from the IRS saying that I needed to pay 4357 dollars for a tax return of 2007 that I did throught turbo tax, like i have been doing for the past 10 years. I filed w2 fr… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
I drew $45000 out of 401K to pay my house off because of financial
I drew $45000 out of 401K to pay my house off because of financial difficulties I was having. Federal tax of $7000 was taken out before I received it. Now it looks like I will paying another $8000, is… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
I withdrew money from our 401K during 2008 and was not assessed
I withdrew money from our 401K during 2008 and was not assessed a 10% early withdrawal penalty on my 1099 . I did take out the std 20% fed withholding. Do I assess myself the 10% penalty when figuring… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,333 satisfied customers
I just got involved with a 401K plan, I never put any money ...
I just got involved with a 401K plan, I never put any money into one but the company I work for was just sold and I was given $20,000 from the company into a 401K plan, is this my money? can I withdra… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
I was awarded a 401K of 36000.00 in my divorce. This is ...
I was awarded a 401K of 36000.00 in my divorce. This is supposed to be put in an account in my name. Will 36000.00 actually be put into this account. I plan on cashing this in to pay some marital bill… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
I am thinking of buying my first home here most likely in ...
I am thinking of buying my first home here most likely in July of this year. I have money in a 401k from a previous employer and I would like to use some of that for a down payment on my housing purch… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x