Early 403 B Cash out - Tax question

[samuelwright]

Hello from a newbie. I recently withdrew (cashed out) my 403B (well before the required age of 59.) The account manager (VALIC) withheld 20% for taxes from the checks. Is that 20% automatically sent to the federal government on my behalf? Or is VALIC holding it in an account somewhere? How do I ensure that 20% withholding gets paid as part of my federal income taxes.

It is my understanding that I may have to pay additional taxes, depending on my tax bracket; plus a 10% penalty on the amount. I live in the State of Florida. I don't believe I own any other taxes or penalties. However, I welcome any advice. I plan to speak with a tax preparation professional as well, but wanted to ask this community in case there were other issues I may not be considering. Thanks for any help!

[disneysteve]

Is that 20% automatically sent to the federal government on my behalf?

Yes it is. It is just the same as withholding from your paycheck. When you file your taxes, you'll have to pay the difference between that 20% and the total tax due plus the penalty.

[samuelwright]

Thanks for the quick response, Steve!