I had an early withdraw from my 401K in 2017. Can I wait till I file my next years taxes to report the withdraw? And if so will there be extra penalties for waiting?

kngehle2009 · ‎June 1, 2019

IsabellaG · ‎June 1, 2019

No, you have to report your withdrawal in the year that you received it. You'll be getting a 1099-R for this dated 2017, and that will be reported to the IRS.

So if you don't report it on this year's return, the IRS will contact you, and you would pay interest and possibly an additional penalty on the unreported income.

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I had an early withdraw from my 401K in 2017. Can I wait till I file my next years taxes to report the withdraw? And if so will there be extra penalties for waiting?

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