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Retirement tax questions
There are no Covid-19 exceptions on a 2021 withdrawal from a 401(k) account.
If you are under the age for an exception to the 10% early withdrawal penalty then the penalty will be entered on your Form 1040 as a tax liability.
The taxable amount of the withdrawal is entered on your tax return as ordinary income and taxed at your current tax rate.
‎April 15, 2022
1:00 PM