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Retirement tax questions
One more caveat. I see Turbo Tax lists provisions for emergencies and they have an other category. I did originally withdraw the money from my 401k for an emergency (unforeseen septic system replacement). We ended up selling the house and rolling in the repairs with the proceeds of the sale. At the time I didn't think to just put the money back and I had the 401k loan taken out so decided to pay it off instead. All of this happened within 60 days of withdrawal.
I'm guessing even though I withdrew the money for "an emergency/unforeseen cost", since I didn't end up using the money for the emergency, then that provision is not relevant???
And BTW, taxes were withheld on withdrawal, I'm mainly trying to avoid paying the 10% penalty. 🙂
‎February 10, 2025
5:16 PM