I was outsourced at my company. I took 401K money to start a business, $$ got taxed and paid 10% fee, deposited in my account Dec-24-2016. can i report it in 2017 taxes?
or should I report it in 2016 taxes and ask for a payment plan and a reduction or discount? I used money to pay all my debt and I have some to start my business but If I have to pay all these income tax now I will have no money for my business and worst yet I'll be in debt again.
01236
1 Best answer
jerry2000
Alumni
Jun 6, 2019 5:15:56 AM
You have to report that on your 2016 taxes. It doesn't matter what you used the money for, you have to report it on your 2016 tax return and pay whatever taxes are due on or before April 18, 2017.
1 Replies
jerry2000
Alumni
Jun 6, 2019 5:15:56 AM
You have to report that on your 2016 taxes. It doesn't matter what you used the money for, you have to report it on your 2016 tax return and pay whatever taxes are due on or before April 18, 2017.