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February 4, 2025
Question

1099-R

  • February 4, 2025
  • 1 reply
  • 0 views

If I withdrew from my 401K from a previous employer, due to termination. When I get to the "Situations May Lower Your Tax Bill" what do I enter in the box for "Other Reason"?

1 reply

VolvoGirl
Employee
February 4, 2025

If you were over 55 when you stopped working there you can avoid the 10% early withdrawal penalty.