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New Member
posted May 31, 2019 9:18:16 PM

I've added my a 1099-r and i took the money out to buy a permanent resisdance, so can i put that in the other box for a reason so i don't have to pay additional tax?

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1 Best answer
Alumni
May 31, 2019 9:18:21 PM

No, you can not put that under other. That use of 401k funds is NOT an exception to the penalty for early withdrawal. Your withdrawal is fully taxable as ordinary income and if you were under 59 1/2 when you made the withdrawal, there is a 10% penalty for early withdrawal.

3 Replies
Alumni
May 31, 2019 9:18:19 PM

What kind of account did you take the money from? 401k, 403b, IRA, ?what

New Member
May 31, 2019 9:18:19 PM

401k

Alumni
May 31, 2019 9:18:21 PM

No, you can not put that under other. That use of 401k funds is NOT an exception to the penalty for early withdrawal. Your withdrawal is fully taxable as ordinary income and if you were under 59 1/2 when you made the withdrawal, there is a 10% penalty for early withdrawal.