turbotax icon
turbotax icon
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
turbotax icon
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Yes No
saspivey
Level 1

401k withdrawal

Hello! How can I figure out if withdrawing $$ from my 401k early affect my taxes (i.e. will I end up having to pay taxes, instead of getting a refund)?

posted
‎October 30, 2024 12:44 PM
last updated ‎October 30, 2024 12:44 PM
0
1
582
Reply
Bookmark Icon
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
bbaker11
Employee Tax Expert
Employee Tax Expert

401k withdrawal

Making an early withdrawal from your 401(k) can lead to a 10% penalty on the early withdrawal amount.  Please see the following link for more information: 

https://turbotax.intuit.com/tax-tips/retirement/an-early-withdrawal-from-your-401k-understanding-the... 

 

You may find it useful to use a tax calculator to help you determine the overall effect an early 401(k) distribution will have on your Federal tax outcome (receiving a refund or paying a balance due).  TurboTax will release a 2024 tax calculator later this year. 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎October 30, 2024 1:13 PM
0
548
Reply
Bookmark Icon

Still have questions?

Make a post
Featured forums
Taxes
Lower Debt
Investing
Self-Employed
All topics
Live Full Service: Taxes Done for you! Get matched with a local tax expert who can do your taxes, start-to-finish, the same day. Start for free!
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question

Related Content

myn7055
samlilred
Gregp76
vasto7
shabuboy

Did the information on this page answer your question?

thumb-up Yes
thumb-down No
close icon
checkmark

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

and start working
on your taxes

File your taxes, your way

Get expert help
or do it yourself.

Get started
close icon
icon help

Access additional help, including our tax experts

Post your question

to receive guidance
from our tax experts and community.

Connect with an expert

Real experts - to help
or even do your taxes for you.

Get started
Manage cookies