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Question

Early 401k withdrawal

Forum|Forum|1 year ago
March 15, 2025
1 reply
0 views

I withdrew from my 401k in 2023 and filed it and now for my 2024 taxes it's asking me if I had any distributions in 2022, 2023 or 2024. So when I put the 2023 on their it lowers my refund. Why do I have to claim it for 2024 when I claimed it in 2023?

If you qualified for the Saver's Credit, it would be reduced if you took a distribution in 2023. The Retirement Savings Contributions Credit, also known as the Savers Credit, gives a special tax break to low- and moderate-income taxpayers who are saving for retirement. See What Is the Savers Credit? - TurboTax Tax Tips & Videos - Intuit.