Whyte Noise
Senior Member
What is the name of your state? Georgia
I'm asking this question for my dad.
He retired from his job on July 2nd (65 years old). He's been with that company for 15 years. Finally, he decided to get the 401k and had funds placed into it over the past few years.
At the time of his retirement, his 401k amount was a little over $16,000. After filling out all the paperwork and getting his funds, he discovered he was taxed $3,600.
Now, this is what my dad told me, I don't know how true it is... that's why I'm posting here. (Wait... I'm not saying I don't believe my dad, I'm saying I don't know if what he was told is true. Just wanted to clarify.)
The person in HR told him that his 401k wouldn't be taxed because he was over 59 years old. Dad specifically asked her about taxes, so he'd have an idea of what he would be getting. He was expecting to pay taxes on it, but when she told him this he was thinking he'd get his entire 401k with no taxes.
When he did finally get the check from the company, there was the $3,600 in federal tax taken out.
1.) Are 401k's taxable?
2.) Did the woman in HR feed him a line of BS about not being taxed because he is over 59?
I'm asking this question for my dad.
He retired from his job on July 2nd (65 years old). He's been with that company for 15 years. Finally, he decided to get the 401k and had funds placed into it over the past few years.
At the time of his retirement, his 401k amount was a little over $16,000. After filling out all the paperwork and getting his funds, he discovered he was taxed $3,600.
Now, this is what my dad told me, I don't know how true it is... that's why I'm posting here. (Wait... I'm not saying I don't believe my dad, I'm saying I don't know if what he was told is true. Just wanted to clarify.)
The person in HR told him that his 401k wouldn't be taxed because he was over 59 years old. Dad specifically asked her about taxes, so he'd have an idea of what he would be getting. He was expecting to pay taxes on it, but when she told him this he was thinking he'd get his entire 401k with no taxes. When he did finally get the check from the company, there was the $3,600 in federal tax taken out.
1.) Are 401k's taxable?
2.) Did the woman in HR feed him a line of BS about not being taxed because he is over 59?
