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: 
mrturbo2017
New Member

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

 
2 Replies
Critter-3
Level 15

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

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

xmasbaby0
Level 15

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

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.**
Dynamic AdsDynamic Ads
Privacy Settings
v