mrturbo2017
New Member

I withdraw money from my 401(k) in October 2019 being affective this year by the coronavirus am I exempt from the penalty

 
Critter-3
Level 15

Retirement tax questions

No ... 2019 distributions are not exempt from taxes or penalties. 

xmasbaby0
Level 15

Retirement tax questions

Your distribution taken during 2019 is not exempt from any of the early withdrawal penalties for COVID.  If you were under the age of 59 1/2 when you took the money out in 2019 you are subject to the 10% early withdrawal penalty and ordinary income tax.  The CARES act pertains to a withdrawal in 2020.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**