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DAP Forums > Other Topics > Other Topics

401K Early withrawal

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#1
01-08-2023, 05:01 PM
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DamLeon123
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Im trying to get a head start on my taxes. Last year I had to take out money from an old 401K. It was not a lot only a few thounsand. When I took it out it asked my how much I wanted to pay in federal and state taxes. I put 10% in federal and put 0% (I live in CA and could no find anything on paying a early penalty withdrawal for this state ). I got a form in the mail saying "Combined Tax Statement for forms 1098,1099,5498"
I only show me how much I had left in total NOT how much it was left after the 10% was taken out.

For example if I made last year $40K and had deposited $5K (with the 10% already taken out) from the early withdrawal, my total taxable income would be $45K. How does the IRS know that I paid the 10% on the early withdrawal so they dont try and take the 10% out again?
Sorry if it sounds confusing... But I want to make sure I dont get in trouble with the IRS..
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#2
01-14-2023, 05:05 PM
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Pianoswithoutfaith's Avatar
Pianoswithoutfaith
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You should seriously talk to a cpa hey maybe maga 2Face can help you



Edit: there’s some companies that find lost 401ks that could help you find the right forms
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