https://ttlc.intuit.com/community/tax-credits-deductions/discussion/hardship-withdrawal-of-401k/01/3408758#M327820 <P>Hello,</P><P>By the end of 2023 I am 64 years 10 months. In my tax year 2023: W2 gross is 84k, I withdrew 77k from 401k; Total income 161K, Itemized Deduction 28k, that leave 133K for taxable income which is about 20K; Fed income tax withheld is 6800. The amount I owe is 13k plus 4k for state tax. This 17K due now is a big amount for us to pay all at once. The reason that we tap into 401K is to help pay-off Covid aftermath related expense for the family. Please help me to understand if there is any tax code that help me to delay the 401K withdrawn, so I don’t have to add to my income in 2023? Is there any tax relief for my age in this difficult situation? Thank you kindly for your response!</P><P>&nbsp;</P> Mon, 16 Dec 2024 02:24:35 GMT famus2 2024-12-16T02:24:35Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/hardship-withdrawal-of-401k/01/3408758#M327820 <P>Hello,</P><P>By the end of 2023 I am 64 years 10 months. In my tax year 2023: W2 gross is 84k, I withdrew 77k from 401k; Total income 161K, Itemized Deduction 28k, that leave 133K for taxable income which is about 20K; Fed income tax withheld is 6800. The amount I owe is 13k plus 4k for state tax. This 17K due now is a big amount for us to pay all at once. The reason that we tap into 401K is to help pay-off Covid aftermath related expense for the family. Please help me to understand if there is any tax code that help me to delay the 401K withdrawn, so I don’t have to add to my income in 2023? Is there any tax relief for my age in this difficult situation? Thank you kindly for your response!</P><P>&nbsp;</P> Mon, 16 Dec 2024 02:24:35 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/hardship-withdrawal-of-401k/01/3408758#M327820 famus2 2024-12-16T02:24:35Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-hardship-withdrawal-of-401k/01/3408771#M327821 <P>Unless you live in an area where there was a federally-declared disaster in 2023 that qualified you to take a disaster distribution, the entire taxable amount of your 2023 401(k) distribution is includible in income on your 2023 tax return.</P><P>&nbsp;</P><P>If you are unable to pay the taxes, you might consider a payment plan with the IRS"</P><P><A href="https://www.irs.gov/payments/online-payment-agreement-application" target="_blank">https://www.irs.gov/payments/online-payment-agreement-application</A></P> Mon, 16 Dec 2024 03:59:30 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-hardship-withdrawal-of-401k/01/3408771#M327821 dmertz 2024-12-16T03:59:30Z