How much tax will I pay for 401K withdrawal Hello there!
A previous employer sent me a check from my 401K because they said they never heard back from me as to what I wanted to do with my 401K. So they mailed me a check back in 2011 for $642 and at that time I was financially strapped for cash so I deposited the check to my checking account. I realized I would have to pay taxes on it. I totally forgot I had cashed that check when I sent in my 2012 tax returns. I just realized it recently after sorting thru some papers. So now I will have to claim that check on this year's return.
I would like to find out how much taxes will I have to pay for that 401K? Can the taxes be taken out of any refunds that I may get? I also live in CA if that helps.
I hope to hear from someone soon. Thank you very much.
Chip |