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New Member
posted Jun 1, 2019 10:04:50 AM

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

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1 Replies
Intuit Alumni
Jun 1, 2019 10:04:52 AM

 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-distributions