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I-hate-tax-time
I-hate-tax-time
Level 1
posted
‎June 4, 2019 8:27 PM
last updated ‎June 04, 2019 8:27 PM

We took out money from a retirement account early to help us with costs of Hurricane Irma. Is there going to be any help or less of a penalty for the early withdrawal

We withdrew money early from our 401K to help us with the costs of Hurricane Irma. Is there going to be any help, no fees etc for us? It looks like Turbo Tax doesn't have this info till after March 8th if I'm reading it correctly. Does anyone now if the IRS will help us out?

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DanO
DanO
Level 1
‎June 4, 2019 8:27 PM

We took out money from a retirement account early to help us with costs of Hurricane Irma. Is there going to be any help or less of a penalty for the early withdrawal

Yes, the forms still have not been finalized. But, once finalized you can file your return and not have to pay the 10% early withdrawal penalty.

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DanO
DanO
Level 1
‎June 4, 2019 8:27 PM

We took out money from a retirement account early to help us with costs of Hurricane Irma. Is there going to be any help or less of a penalty for the early withdrawal

Yes, the forms still have not been finalized. But, once finalized you can file your return and not have to pay the 10% early withdrawal penalty.

0
65
Reply