Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
raiddog06
New Member

I took out money from 401k to pay my 2015 tax bill...can i claim that amount

 
1 Best answer

Accepted Solutions
MargaretL
Employee Tax Expert

I took out money from 401k to pay my 2015 tax bill...can i claim that amount

You cannot claim tax bill as a deduction, unfortunately. The IRS does not allow it as a deduction, nor does it allow it as an exception to an additional tax penalty if you took your 401K early.  And, unfortunately, you must claim money taken out from 401K as income. 

You should receive Form 401K for your distribution, please follow steps below for data entry:

  1. Federal Taxes
  2. Wages and Income
  3. Scroll down to Retirement Plans and Social Security
  4. Select IRA, 401(k), Pension Plans (1099-R)

View solution in original post

1 Reply
MargaretL
Employee Tax Expert

I took out money from 401k to pay my 2015 tax bill...can i claim that amount

You cannot claim tax bill as a deduction, unfortunately. The IRS does not allow it as a deduction, nor does it allow it as an exception to an additional tax penalty if you took your 401K early.  And, unfortunately, you must claim money taken out from 401K as income. 

You should receive Form 401K for your distribution, please follow steps below for data entry:

  1. Federal Taxes
  2. Wages and Income
  3. Scroll down to Retirement Plans and Social Security
  4. Select IRA, 401(k), Pension Plans (1099-R)

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v