- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Yes you will get credit for it on your tax return. Just like withholding from your paychecks. You will get a 1099R form for it. The gross amount (before the withholding) will be taxable. Hopefully the 20% will cover the tax on the withdrawal. So you might get a refund or owe some more. If it is a Covid-19 related withdrawal you might avoid the extra 10% Early Withdrawal Penalty.
‎December 11, 2020
6:47 PM
528 Views