Early 401k withdrawl to pay taxes on another early 401k withdrawl

walsjj1 — Thu, 06 Jun 2019 13:47:07 GMT

do i have to pay penalty on second withdrawl

Yes, you do have to pay taxes on 401K withdrawals, your f...

MargaretL — Thu, 06 Jun 2019 13:47:08 GMT

Yes, you do have to pay taxes on 401K withdrawals, your first and your second one, unfortunately. If you took the distributions before you reached age 59 and 1/2, you may also be subject to additional 10% penalty, unless certain exceptions apply. Be sure to enter the forms 1099-R into the program, TurboTax will ask you about the exceptions to penalties and determine if you qualify for any. But both distributions are subject to your ordinary income tax.

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topic Early 401k withdrawl to pay taxes on another early 401k withdrawl in Retirement tax questions

Early 401k withdrawl to pay taxes on another early 401k withdrawl

Yes, you do have to pay taxes on 401K withdrawals, your f...