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If I liquidate my 401k (I am 45) in March 2010, is the tax due for 2009 or 2010 taxes? Since contributions can be made until tax day, I was wondering if withdrawals were the same?


ANSWER


Expert Wray Rives's Answer:

Taxable withdrawals from a 401K are included in taxable income for the year the money is withdrawn.

 

IRC Sec 402

Wray Rives, CPA

Texas

29 yrs experience

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