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Level 2
June 6, 2019
Solved

Wife took an early withdrawal from her 401K to help pay 2018 taxes. Can the amnt be deducted under "IRS levy" that is shown to help reduce taxes on the early withdrawal?

  • June 6, 2019
  • 1 reply
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Best answer by MichaelL1

No an IRS levy is when they zap the bank account or paycheck.

Not when you voluntary take money out of an account.

1 reply

MichaelL1
MichaelL1Answer
Level 15
June 6, 2019

No an IRS levy is when they zap the bank account or paycheck.

Not when you voluntary take money out of an account.