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jenneris
New Member

I was not eligible to contribute to a 401k until 01/2019. To lower my taxes, should I pull the money I have contributed so far to my 401k & put it in my IRA?

*To lower my 2018 taxes
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2 Replies
dmertz
Level 15

I was not eligible to contribute to a 401k until 01/2019. To lower my taxes, should I pull the money I have contributed so far to my 401k & put it in my IRA?

If you are referring to elective deferrals made to your employer's 401(k) plan, I don't think you are permitted to take the money back out unless the elective deferral was an excess elective deferral, which seems extremely unlikely this early in the year.

I was not eligible to contribute to a 401k until 01/2019. To lower my taxes, should I pull the money I have contributed so far to my 401k & put it in my IRA?

Pulling money from the 401-k would mean you would have to pay tax and early withdrawal penalty on that withdrawal 

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