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    steven224's Avatar
    steven224 Posts: 1, Reputation: 1
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    #1

    Feb 24, 2009, 11:26 AM
    401k monies added to my gross net
    I took out approximately $10,000 from my 401k for a down payment to get in my house. Do I have to claim it all on 2008 taxes, or can I break in up into several years?
    Thanks.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Feb 24, 2009, 11:35 AM

    The withdrawal is fully taxable in the year you take it. You should have received a form 1099-R from the plan adinistartor that details the amount to report as income, as well as withholding. If you don't qualify for an exception, don't forget to include the 10% early withdrawal penalty on line 60 of your 1040.
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