I withdraw money from my 401(k) in October 2019 being affective this year by the coronavirus am I exempt from the penalty

mrturbo2017 · ‎July 4, 2020

Critter-3 · ‎July 4, 2020

No ... 2019 distributions are not exempt from taxes or penalties.

xmasbaby0 · ‎July 4, 2020

Your distribution taken during 2019 is not exempt from any of the early withdrawal penalties for COVID. If you were under the age of 59 1/2 when you took the money out in 2019 you are subject to the 10% early withdrawal penalty and ordinary income tax. The CARES act pertains to a withdrawal in 2020.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Expert does your taxes

Do it yourself

Resources

Support

I withdraw money from my 401(k) in October 2019 being affective this year by the coronavirus am I exempt from the penalty