Open TurboTax

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: 
I-hate-tax-time
New Member

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?

1 Best answer

Accepted Solutions
DanO
New Member

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.

View solution in original post

1 Reply
DanO
New Member

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.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.46m
Members

2.57m
Discussions

Manage cookies
v