hrpuff1
Apr 4, 2009, 08:18 AM
I took my 401k instead of rolling it over and paid the 10% penalty, do I get to count that as part of the taxes I paid on my tax forms?
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)