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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: 4 months ago.Category: Tax
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1/1/2018
Tax Professional: Lev, Tax Advisor replied 4 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,845
Experience: Taxes, Immigration, Labor Relations
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Generally - withholding from distribution will be 10% if you are above 59 1/2.

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Tax Professional: Lev, Tax Advisor replied 4 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.

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