3305716
I made an early withdrawal from my 401K at the end of last year. At the time, I paid federal and state taxes but didn’t realize I would ALSO have to pay a penalty when I filed my taxes. Is there any way I could somehow avoid the penalty by returning the money back into the 401K this year before I file my taxes? I have already done the research and I don’t qualify for any of the withdrawal exceptions listed. I realize it’s a long shot but I’m looking at a hefty penalty + taxes already incurred so any advice would be greatly appreciated. Please help.
You'll need to sign in or create an account to connect with an expert.
Unfortunately you can’t avoid the penalty by returning the distribution.
Sorry. you had 60 days from the date of withdrawal to put it back or put it into another retirement account such as an IRA.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
m-kominiarek
Level 1
jonboy027
New Member
user17524233574
Level 1
in [Event] Ask the Experts: Investments: Stocks, Crypto, & More
fldcdeb
Level 1
Sweet300
Level 1