Ask Experts Questions for FREE Help !
Ask
    jason123's Avatar
    jason123 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 7, 2007, 10:22 AM
    How to file taxes with 401k early withdrawal
    I took an early withdrawal from my 401k this year, and I'm kind of confused as how to file that on my taxes. Do I use a regular 1040 form? I've always just used a 1040EZ in the past. Are there any other special forms I need to fill out? Also, would tax software such as TurboTax handle all of this for me?


    Thanks in advance.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Mar 8, 2007, 12:37 PM
    There is a variety of issues involved with this.

    Get professional tax help. He/she may be able to mitigate the cost of the early withdrawal, depending on WHY you made the withdrawal.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Hardship withdrawal for early withdrawal of 401K [ 0 Answers ]

I am, 56 years old, live in the State of Florida, and just lost my job. I have a small 401K ($6,000) with this company and want to withdraw all of it and put it in a savings account to help tide me over until I find another job. I know I will be charged a 10% early withdrawal fee, and I also...

401K early withdrawal and taxes. [ 1 Answers ]

I have dual citizenship (US and Russian). Currently I'm living in the US (Florida resident) and planning to move to Russia permanently. I know, that if I withdraw from 401K before retrirement age I will have to pay penalty (10%?) and federal and state taxes (something like 30%?) What if I...

Taxes on RollOver 401K account Early Withdrawal [ 1 Answers ]

Hi I am 29yrs Old and have $104K in a Rollover Account. I am buying my 1st home and would like to put down 20% and wanted to know if I took out $60K from my account WHAT WOULD I ACUTALLY GET AFTER TAXES ETC?

401K early withdrawal [ 1 Answers ]

My ex husbands company doesn't allow me to keep my portion of the 401K in the company. I was told to invest in an IRA. I am 47yr of age and living on a very little income. Can I use part or any of the money to purchase a home. My husband and I did own a home together. But I have never purchased one...

How do you get a 401k early withdrawal? [ 1 Answers ]

How do you actually go about getting your 401k withdrawal?what does the total penalty and tax percentage taken off add up to?can you get it at any time of the year? Is it possible for your 401k to be "tied up" when you need it?please help!!

View more questions Search