tklein1668
Returning Member

Retirement tax questions

I did not have a schedule 2 on my tax return. 

 

I was on the phone with TurboTax for about a two hours and we were able to resolve the issue. I had a Roth 401(k), not a traditional 401(k), which means that after 5 years, there is no early withdrawal penalty. Since my box 11 said 2018 and I took the withdrawal in 2023, then the penalty was waived. Also, since it was a Roth, I didn't owe any income tax on the withdrawal. So I was able to avoid income tax AND the 10% penalty for those reasons. Big win!

 

Thank you for your quick responses!