A 55 year old recently received a $30,000 distribution from a previous employer’s 401k plan, minus $10,000 withholding. Which federal taxes apply if none of the funds were rolled over?

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A 55 year old recently received a $30,000 distribution from a previous employer’s 401k plan, minus $10,000 withholding. Which federal taxes apply if none of the funds were rolled over?

A. Only income taxes on $30,000

B. Only income taxes on $20,000

C. Income taxes plus a 10% penalty tax on $30,000

D. Income taxes plus a 10% penalty tax on $20,000

Answer: C. Income taxes plus a 10% penalty tax on $30,000

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