Do I have to pay Federal and WA State tax on my 401k if I cash it out at 64? Iam currently on Social Security Disability?

WEALTHADVISOR gave a good summary and good advice. Granted that most 401K programs are tax-deferred, with employee contributions made from pre-tax income. But there are 401K programs that include contributions made from after-tax income: "Elective deferral limits.

The law, under IRC section 402(g), limits the amount that you can defer on a pre-tax basis each year. A discussion of those limitations is included."Elective deferrals that exceed the section 402(g) dollar limit for a year or are recharacterized as after-tax contributions as part of a correction of the Actual Deferral Percentage (nondiscrimination) test are included in your taxable income." http://www.irs.gov/retirement/participant/article/0,,id=151753,00.html"Contribution Allocations:401(k) plans can have multiple types of contributions being allocated to the plan.

In addition to tax deferred contributions, there could be employee after-tax contributions, employer matching contributions, and employer discretionary contributions"http://www.irs.gov/retirement/article/0,,id=224697,00.htmlThe intricate regulations of the IRS are confusing to many of the people whose job is to administer the 401K, Roth, and IRA etc. programs. Since those people can be confused (this is confused, or making mistakes in allocations, according to the IRS), then certainly the rest of us can be confused. Still, the administrators of your particular 401K program are the best starting point for advice.

Two reasons (and I'm sure there are more): they have been managing your money, and their advice will be free. Charlie95 50 months ago http://www.irs.gov/retirement/participant/article/0,,id=151753,00.html.

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