RayW7
Expert Alumni

Retirement tax questions

If you are over 59 1/2 that in itself will be sufficient to eliminate any early withdrawal penalty.

 

In addition, if it was related to COVID then you could have extended repayment options if you choose to do so. 

 

You will have to pay tax as ordinary income on the withdrawal.

 

-follow these links for more information-

An Early Withdrawal From Your 401(k ... - TurboTax

2020 Stimulus: Tax Relief for This Year's Taxes - TurboTax ...