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hrpuff1
Apr 4, 2009, 08:18 AM
i took my 401k instead of rolling it over and payed the 10% penalty, do i get to count that as part of the taxes i paid on my tax forms?
Perito
Apr 4, 2009, 08:30 AM
Wouldn't that be nice?
MukatA
Apr 4, 2009, 08:57 AM
Yes, you count it as part of taxes you paid.

You will report 401K withdrawal as income and attach form 5329.
Read Your U.S. Tax Return: Elective Deferrals 401(k) Plans (http://taxipay.blogspot.com/2008/08/elective-deferrals-401k-plans.html)