Guest guest Posted August 27, 2009 Report Share Posted August 27, 2009 Just an advisory here ... When you file you Federal income tax return, you include the funds you received from your 401k on Form 1040 Line 15a - this entire amount is taxed at your normal marginal rate. If you are under age 59 1/2 (or 55 in some instances), you may be subject to a 10% penalty for early withdrawal. Use Form 5329 to determine how much is subject to the penalty. Right off hand, I see multiple exclusions. Please verify this with your own tax advisor. Dan <tamara_pl> wrote: (snip)Do you get penalized for using your 401 for medical. Quote Link to comment Share on other sites More sharing options...
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