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February 4, 2025
Question

I took $ out of my 401(k)due to a financial emergency, totaling 18K. Can I add that full amount in the "Distributions not subject to Additional Tax?" Or is there a limit?

  • February 4, 2025
  • 1 reply
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    1 reply

    February 4, 2025

    For a personal emergency, you can draw up to $1,000, once a year. This disposition is new in 2024.

     

    Please read this TurboTax Help article for more information.

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    aeholienAuthor
    February 4, 2025

    Thank you! So are you saying I can only put 1000 in like W of that sheet. 

    February 4, 2025

    Yes, you can only exclude $1,000 from the early withdrawal penalty.

     

    What line W are you are referring? On what form?

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