401k withdrawal and refund date

Forum|Forum|2 years ago
February 19, 2024
3 replies
28 views

Will a withdrawal from my 401k cause a delay in my refund ? I had a 1099 R I had to add to my income. I am 62 though so the extra 10% penalty wouldn’t apply.

even though they took out .20% of federal tax and I don’t have to pay the extra 10% penalty would this be the reason my refund is delayed possibly?

I now have tax codes 570

and 971. This is the only thing I can this of for the delay and things codes. I thought maybe they had to verify whether I had to pay the extra percentage

filed 1/15 and accepted 1/19

Not A Product Question

JulieS

Level 15

No, taking a 401(k) distribution isn't likely to cause the delay you are experiencing.

These two transcript codes mean the IRS has placed a temporary hold on your refund and they have mailed you a letter. When you get the letter, it will explain what is going on with your tax return.

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lluther123Author

Level 2

I have found that out but do you think the hold had something to do with this withdrawal ? Maybe they had to verify if I should get the 20% penalty. That’s the only thing I can think of because I’ve looked it over and everything else is correct.
I’ve also read other people having these same codes and said they had for the first time taken this same withdrawal and they thought that is what it was from too