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retrorevival
New Member

We withdrew early from a 401K for major home repairs, could this be exempt from penalty? If so how is it reported?

 
1 Reply
Coleen3
Intuit Alumni

We withdrew early from a 401K for major home repairs, could this be exempt from penalty? If so how is it reported?

 Unfortunately, no. This is not an exception to the penalty. You may qualify for another type. See possibilities in the link below.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distri... 

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