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Is there any help from irs for taxes due cause of early 401k withdrawal to pay other debt? High interest payments so I withdrew 401k to pay off. Now back where I started.
Had some high % credit cards and other old loans I wanted to pay off. My monthly debt payment overtook my monthly income limit. I withdrew my 401k to help pay off those debts. Now the taxes due on the withdrawl are over $30,000 to federal and state. I managed to pay the $15,000 to state but not able to pay the federal. I'm right back to another debt situation where I can't pay it. It basically put me right back where I was before withdrawing the 401k. Is there any help or relief or options, irs or otherwise, to help with this since it's not really my job/payroll/income tax situation where I didn't pay enough on what I made from my work? I usually actually get a refund.
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‎June 4, 2023
6:19 PM