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Retirement tax questions
There is no exception to the early withdrawal penalty for a hardship withdrawal from a 401(k) account.
There is however an exception for an emergency withdrawal of up to $1,000 once a year.
Please read this TurboTax Help article.
In TurboTax Online, please follow these steps:
- After you have entered all your forms 1099-R, on the summary page Review your 1099-R Info, click Continue
- Follow the interview until you arrive at the page titled Did you use your IRA to pay for any of these expenses?
- Enter the amount of your amount up to $1,000 in the box next to Emergency Personal Expense and click Continue
- Your early withdrawal penalty will be waived.
Edited 01/28/2025 | 7:13 AM PST
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‎January 27, 2025
2:59 PM
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