hey I have a question regarding my 401k. I was jobless for 3 1/2 months. I decided to take out my 401k (financial hardships), for my family to provide is this an exempt

I need to know if my reason for withdrawing the money is valid enough to avoid having to pay back on it especially since I used it all to cover my families needs

posted

You would only get an exception for the 10% Early Withdrawal Penalty. But I don’t think that qualifies. The 10% Early Withdrawal Penalty is on Schedule 2 line 8 which goes to 1040 line 23. Then you get credit for all the withholding taken out on 1040 line 25b.

401K penalty exceptions

https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-benefits/exceptions-penalty-e...