topic Lost job used money withdrawn to survive until new employment in Retirement tax questions

Lost job used money withdrawn to survive until new employment

dennid949 — Fri, 27 Mar 2020 20:02:54 GMT

Re: Lost job used money withdrawn to survive until new employment

xmasbaby0 — Fri, 27 Mar 2020 20:25:42 GMT

What is your question?

Re: Lost job used money withdrawn to survive until new employment

GiseleD — Fri, 27 Mar 2020 20:28:48 GMT

We are unable to see your account or return here, as this is a public forum. It sounds like you are asking about the 10% penalty for an early withdrawal from a retirement plan. Is that correct? Please provide some more details so we can better assist.

@dennid949

Re: Lost job used money withdrawn to survive until new employment

dennid949 — Fri, 27 Mar 2020 20:40:48 GMT

My Wife lost job cashed out 401k to live off until she got new job. She paid taxes.

Re: Lost job used money withdrawn to survive until new employment

GiseleD — Fri, 27 Mar 2020 21:21:56 GMT

Even if she had taxes withheld, she will still be responsible for the 10% penalty on early distributions unless one of these exceptions applies.