I changed jobs this year and withdrew my 401K. Does this get added to your annual income? I ask because my EIT went down a great deal.

jbolton7673 · ‎February 7, 2023

xmasbaby0 · ‎February 7, 2023

Yes, the retirement income is added to your AGI, and certainly would affect the earned income credit you could receive.

https://ttlc.intuit.com/questions/1899157-what-are-the-qualifications-for-the-earned-income-credit-e...

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

CatinaT1 · ‎February 7, 2023

Yes. This is reportable income and could move you to a different tax bracket depending on the amount. You pay tax and if you are under 59 1/2, you will pay a 10% penalty on an early withdrawal.

An Early Withdrawal From Your 401(k): Understanding the Consequences

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I changed jobs this year and withdrew my 401K. Does this get added to your annual income? I ask because my EIT went down a great deal.