Solved
Can i use early withdrawl of roth 401K to pay back tax bill as tax except?
No text available
It looks like you're asking about using an early withdrawal from a Roth 401(k) to pay a tax bill.
- Early Withdrawal Rules: Generally, early withdrawals from a Roth 401(k) are not tax-exempt unless they meet specific criteria. You must be at least 59½ years old, and the account must have been open for at least five years. There is also a "rule of 55" exemption if you have left your job
- Taxes and Penalties: If you withdraw funds early, you may have to pay taxes on the earnings portion of the withdrawal, and a 10% early withdrawal penalty may apply
- The Good News: Post-Tax Contributions: If you withdraw only the post-tax contributions you made into the plan and not the earnings, that portion of the withdrawal is tax-free
For more detailed information, you can refer to these helpful IRS links:
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
