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401k's are required to withhold 20% of whatever you withdrawal. There are some exclusions to this. Such as if you're 70 1/2 years old and you're taking a required minimum distribution based on life expectancy the standard withholding is 10%.
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∙ 14y ago
Yes, withdrawals from a 401(k) are generally subject to income tax when taken at 60 years old. However, if the 401(k) funds were contributed on a pre-tax basis, the withdrawals are taxed as ordinary income. If the funds were contributed on a post-tax basis (Roth 401(k)), they may be tax-free in retirement.
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