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jackie1
New Member

Do I have to report an early withdrawal from my 401 on my tax return. Even if I am 64 years old and it was a medical emergency

 
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Rachel_W
Expert Alumni

Do I have to report an early withdrawal from my 401 on my tax return. Even if I am 64 years old and it was a medical emergency

Yes, if you withdrew money from your 401(k) during the year, you will need to report it on your Tax Return.  You will receive a Form 1099-R reporting the distribution.

Fortunately, because you are over the age of 59 1/2, the IRS does not consider it an "early" distribution so you will not be subject to the 10% Early Withdrawal Penalty.

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1 Reply
Rachel_W
Expert Alumni

Do I have to report an early withdrawal from my 401 on my tax return. Even if I am 64 years old and it was a medical emergency

Yes, if you withdrew money from your 401(k) during the year, you will need to report it on your Tax Return.  You will receive a Form 1099-R reporting the distribution.

Fortunately, because you are over the age of 59 1/2, the IRS does not consider it an "early" distribution so you will not be subject to the 10% Early Withdrawal Penalty.

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