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March 31, 2020
Question

I pulled money out of my 401 to pay for my daughter college tuition. So how do I calm this

  • March 31, 2020
  • 1 reply
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1 reply

Hal_Al
Employee
March 31, 2020

You don't claim it.

While education is an exception to the early withdrawal penalty from an IRA, the same tax break is not available for a 401k distribution.

 

Even with an IRA, the tax is due.It's just the penalty that gets an exception. 

 

The Coronavirus tax relief bill provides for some penalty free 401k withdrawals in 2020