turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Salsa
Returning Member

Early 401k withdrawal

I withdrew from my 401k in 2023 and filed it and now for my 2024  taxes it's asking me if I had any distributions in 2022, 2023 or 2024. So when I put the 2023 on their it lowers my refund. Why do I have to claim it for 2024 when I claimed it in 2023?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
MaryK4
Expert Alumni

Early 401k withdrawal

If you qualified for the Saver's Credit, it would be reduced if you took a distribution in 2023.  The Retirement Savings Contributions Credit, also known as the Savers Credit, gives a special tax break to low- and moderate-income taxpayers who are saving for retirement.  See What Is the Savers Credit? - TurboTax Tax Tips & Videos - Intuit.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question