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Voluntarily left job and took 401k money do I still get taxed extra? Count as early widthdrawl?
if I voluntarily left a job in which I held a 401k do I still get taxed extra? And does it still count as a early withdrawal?
MargaretLAnswer
Alumni - Intuit
June 1, 2019
Yes, the 401K withdrawal will be considered an early withdrawal if you took the money before you reached age 59 and 1/2.
You will be subject to additional 10% tax penalty, unless very specific exceptions - allowed by the IRS- apply.
Please enter form 1099-R into TurboTax exactly as it appears and answer follow up questions. The program will help you determine if there are any exceptions applicable to your situation.
- Federal Taxes
- Wages and Income
- Scroll down to Retirement Plans and Social Security
- Select IRA, 401(k), Pension Plans (1099-R)
