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FunWithTaxes89
New Member

If I take a 401k distribution (would be considered early), at what point would it be considered income for the tax year? Jan1-Dec31?

If I take a distribution from my 401k balance at this point (being that it's >Jan1) that will not count towards income in 2016, correct? I haven't filed my return yet as I am waiting for W2 data still of course but don't want the 401k distrib to become income for '16 which would offset any refund.

Thanks!

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Accepted Solutions
SweetieJean
Level 15

If I take a 401k distribution (would be considered early), at what point would it be considered income for the tax year? Jan1-Dec31?

A distribution taken in 2017 is income on your 2017 tax return (filed in early 2018).

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2 Replies
SweetieJean
Level 15

If I take a 401k distribution (would be considered early), at what point would it be considered income for the tax year? Jan1-Dec31?

A distribution taken in 2017 is income on your 2017 tax return (filed in early 2018).

FunWithTaxes89
New Member

If I take a 401k distribution (would be considered early), at what point would it be considered income for the tax year? Jan1-Dec31?

Great, thanks! So basically the tax year is 1/1-12/31 which is why at this point it would be in the '17 return.
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