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New Member
posted Feb 18, 2023 9:20:47 PM

I resigned for a job and the balance is what I took out.

0 2 224
2 Replies
Alumni
Feb 18, 2023 9:28:32 PM

Can you be more specific about your situation? No one here can see your return. What form (i.e., W-2) are you working on? Is this "balance" unpaid wages, or money in an account you had thru that employer (such as a 401(k) or HSA)? Did you "take out" this "balance" in 2022, or 2023?

Level 15
Feb 18, 2023 10:29:42 PM

in other words what exactly did you take out? this is crucial. for example, if you contributed to a 401(k) plan at your employer and when you left you took the money out of the account you should have received a 1099-R for the distribution and not only will you owe taxes on it but if you are not 55 penalties for a premature distribution unless you put it into another retirement account within 60 days