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401(k) Distributions

Contributions to a 401(k) plan are tax-deferred and, therefore, the distributions are fully taxable.  Distributions must be reported as income in the year received.  If an eligible retirement account is rolled over to another eligible retirement account within 60 days, the transaction is reportable on the tax return but not taxable.  The taxpayer will include as income any amount not rolled over in that year.

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Cathy Fisher

Common Cents Bookkeeping and Tax Preparation

Serving Henderson, NC, Buncombe County, Polk County, Transylvania County

E: cathy@commoncentsqbo.com

P: 828-595-2835

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