Re: Roth 401k withdraws and fed taxes and penalties at 57

Tax Year Prior to 2020: Roth 401k withdraws and fed taxes and penalties at 57

I started roth401k in 2013 I added funds 2014-16 all from my savings account.

I needed 2k to cover my my houses taxes. I took 3k and had them hold the 10% penalty, that I now find may be a mistake.

I have had no income for the past 11 years and have not needed to file state or fed taxes in that 11 years. will i need file this year because of the the withdraw. looking at it - income=2658 the withdraw, 295 the 10% withheld, AGI 2363, deductions 6350, exempt 4050. Is there a penalty? do i even need to file? do i get my 10% back?

posted

Since you said you contributed 2014-2016, then you are subject to the penalty since you are not 59 1/2 years old. If the amount you withdrew was all contributed at least 5 years prior, there wouldn't be an early withdrawal penalty. You will want to file to see if you can get some or all of it back (depending on your overall tax situation).

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