I recently came into hard times after quitting my job, so I decided to withdraw all of the funds from my 401k. There was a little over $4,400 in the 401k when I withdrew the full amount. After the 20% federal income tax and 10% early withdrawal tax were taken, I was mailed a check for a little over $3600. When I was talking to the representative, he also mentioned that there may be "a possible detriment" to my income tax return since I decided to do this. What did he mean? I usually get back about $1,800 on my income tax return. Am I going to have to pay in when I file my taxes this year since I withdrew these funds? Or should I expect to get back around the normal amount that I usually get back? And if I do have to pay in, why? Since I already paid 20% taxes to the government, why would I have to pay more in? Any help would be appreciated. Thanks.
Will I have to pay in when I file my taxes this year?
- Thread starter Trey C
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