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  1. #1
    nata60 Guest

    Early 401K withdrawal

    What is the name of your state?
    PA
    In 2002 I cashed out my 401K plan - contributions made by my employer. Total amount was $1000; federal tax ($200) and state tax ($30) were withheld.
    I received net amount of $1000-(200+30)= $770.

    Where exactly (which line) on 1040 shall I write $1000 and $200 ? How do I apply 10% penalty?
    Thank you.
  2. #2
    ShyCat is offline Senior Member
    Join Date
    Nov 2000
    Posts
    1,552
    The $1000 withdrawal should go on line 16b of Form 1040. The $200 should be included with all other FIT withholdings on line 62 of Form 1040. The 10% early withdrawal penalty ($100) should go on line 58 of Form 1040 along with Form 5329.

    For more information, see...

    [url]http://www.irs.gov/faqs/page/0,,id%3D15977,00.html[/url]

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