2837076
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

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

I had to withdraw my retirement because I was fired, but none of that was an option on this tax forms. What do I do?

 
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
dmertz
Level 15

I had to withdraw my retirement because I was fired, but none of that was an option on this tax forms. What do I do?

You had the option to roll these funds over to another retirement account like an IRA to continue to defer this income.  If you did not do so, the distribution is taxable and, if you are under age 59½ and you have no penalty exception that applies, to a 10% early-distribution penalty on the taxable amount.  Being fired is not an exception to the early-distribution penalty.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question