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Liquidating my 401k

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Your plan administrator will send you a 1099-R form at the end of the year that reports the amount of withdrawal from your 401(k) and the amount of tax withheld.

You enter the amount of the withdrawal on line 16 (Pensions and Annuities), or line 12 of Form 1040A.

I think the percentage varies depending on who your 401k is managed by.

And then it gets taxed at your tax rate, so it will cost you more than what you put in when you take it out early.

Not only is your contribution tax deductible today, but your contributions to your account are also growing tax-deferred.

But these tax benefits are only applicable when you abide by the rules of the plan, and these rules limit everything from how much you can contribute to the plan annually to when you can withdraw funds from the plan penalty-free.

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liquidating my 401k-10liquidating my 401k-29

You report the 10% penalty on line 60 of your form 1040 (Additional tax on IRAs, other qualified retirement plans, etc.). You show taxes already withheld on line 64 (Federal income tax withheld from Forms W-).Personally I had no clue and had never even considered it but it got me wondering. I had to cash out my 401k for an emergency of some sort. you can structure it so that you repay on a quarterly basis over 5 years, but pay it off as soon as you are able.That's part of the reason why I got that Individual 401k I alluded to in my thread.But whether you need a down payment for a new house, college tuition for your kids, or even cash for an unexpected financial emergency, it's important to proceed very carefully when you're considering a 401(k) withdrawal.Every 401(k) withdrawal means sacrificing important benefits of your hard-earned previous plan contributions.For traditional IRAs, qualified distributions are those taken after you turn 59 1/2 years old.For Roth IRAs, you have to be 59 1/2 years old and you have to have had the Roth IRA open for at least five years.After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads. 10% distribution fee plus whatever your marginal tax rate is, plus whatever penalties your broker puts on you. That's why you wait until you retire to take distributions. Well I was speaking of say...I was laid off and couldn't find a job and had to resort to dipping into my retirement in order to keep things afloat. Obviously things would have to get real bad before that happened but it's just good information to know. "If you are laid off and need emergency funds but expect to be able to reattain your previous income, you could ask to borrow money from the 401k rather than liquidate.Somebody asked me the other day what the taxes would be like if they cashed out their 401k. So if you are making 0,000 a year and have to cash out your ,000 401k, you're a blithering.. The first year you might get reamed but in subsequent years your tax burden will be less than if you took a distribution during your peak years. Well I was speaking of say...I was laid off and couldn't find a job and had to resort to dipping into my retirement in order to keep things afloat. Obviously things would have to get real bad before that happened but it's just good information to know. There's no tax penalty for that if your employer allows it..With rare exceptions, all traditional 401(k) withdrawals are taxable as ordinary income, although Roth 401k assets are treated differently.In an ideal situation, you would not withdraw funds from your 401(k) until after you retire.