My question is of the $926 check they sent me. How much do I have to pay back and by when? During tax season?
I asked this before but let me clarify this. I quit my job in September which I didn't like. I had a 401k savings. I took out the 401k savings. They taxed me and took out a small portion of it and sent me a check for $926.
- TallPaulLv 41 month ago
File with Turbo Tax and answer all the step-by-step questions.
- StephenWeinsteinLv 71 month ago
It depends on how much other income you have. You pay a 10% penalty plus regular income tax, but the % for regular income is based on the total of all your income and could be anywhere from 0% to over 30% depending on how much other income you have.
- 28AKOLv 51 month ago
if taxes was taking out before the check was sent and you made an early with drawl fee if you not of age to be exempt then you shouldn't have nothing to worry about.
- Wayne ZLv 71 month ago
You will receive a 1099R from the trustee on or before 1/31.
This, along with your W2s, is reported on the same tax return which will give you a net result of a refund or a balance due.
As this is a small amount, if you normally get a refund each year, you will probably still get a refund this year.