Missouri  |  Tax Law

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1/23/12, 9:14 am

Legal Question

Recently turned 65, retired and living on Social Security and a small pension. I wish to close out my 401k account, take a lump sum distribution (25,000) and pay off my mortgage. I understand that 20% will automatically taken for the IRS. Since this first year of retirement will show no taxable income will I be refunded the IRS deduction?


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