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pwoodsx5
New Member

I made a 401k withdrawal in 2024 to pay for home improvement project. Can I adjust my taxes so I do not have to declare this amount as income?

 
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MindyB
Expert Alumni

I made a 401k withdrawal in 2024 to pay for home improvement project. Can I adjust my taxes so I do not have to declare this amount as income?

No, an early withdrawal for a home improvement project (unless this was due to an emergency or disaster) is unfortunately not an exception to the early withdrawal penalty.

 

Here is some information you may find helpful: What are the exceptions to the penalty for an early withdrawal from my 401(k)?

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