Level 1

401k Withdrawl to pay taxes

In 2018 I had to withdraw funds from my 401k to cover underpaid taxes. While filing 2019, there is a box for "Tax Levy". Can I insert the amount I paid in taxes, from that withdrawal, in that spot? If not, what is meant by "Tax Levy"? 

Level 15

Retirement tax questions

Ok ... an IRS levy is when the IRS forces you to liquidate a retirement account to pay a tax bill they sent you.  If you voluntarily take a distribution to pay your tax bill that is not the same thing. 

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Level 15

Retirement tax questions

An IRS levy is a seizure of your assets by the IRS.

Level 1

Retirement tax questions

Thanks for the clarification. Knew it was wishful thinking!