• Question
  • Tax refund after 401k tax hits?

    Asked by someone from Bronx, NY on 5/27/2019

    After you take out from your 401k do you get a tax refund after the government taxes you for your first withdrawal during retirement?

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  • Categories: Taxes, Retirement Planning

Answers

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  • Thank you for your question. I believe you inquiring about the mandatory 20% federal withholding to the taxable portion of distributions from a 401k, 403b or similar retirement accounts. Please note, that in in addition sate income taxes may be withheld as well as 10% penalty if you are under age 59 1/2. Based on your individual situation, if you are eligible for a refund you will receive it when you file your taxes.

  • Login to rate this answer:   Answered on 5/28/2019
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.