563872
You'll need to sign in or create an account to connect with an expert.
Yes, you will still need to file a Tax Return in order to calculate and pay the 10% Penalty on the Early Retirement Distribution.
You will receive a Form 1099-R reporting the distribution from your 401(k). If you had Taxes Withheld, they should cover the penalty and you may even be due a refund of some of that Withholding.
Also, because you had Earned Income, you may also qualify to receive the Earned Income Credit. Check out the TurboTax FAQ below for more details:
Yes, you will still need to file a Tax Return in order to calculate and pay the 10% Penalty on the Early Retirement Distribution.
You will receive a Form 1099-R reporting the distribution from your 401(k). If you had Taxes Withheld, they should cover the penalty and you may even be due a refund of some of that Withholding.
Also, because you had Earned Income, you may also qualify to receive the Earned Income Credit. Check out the TurboTax FAQ below for more details:
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
CRAM5
Level 1
willgal
New Member
kejjp00
Returning Member
rbucking4
New Member
Stevecoh1
Level 2