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June 1, 2019
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I've taken an early 401K withdrawal, am 50 yrs. old. I paid medical expenses totaling $4005.

  • June 1, 2019
  • 1 reply
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Should I put this amount in the box to lower my tax situation?
Best answer by Celery63
Only the amount of medical expenses that is more than 10% of your adjusted gross income can be used to reduce the penalty for early withdrawal. So the amount that you can actually claim for that reduction is the amount of your medical expenses minus 10% of your adjusted gross income.

1 reply

Celery63Answer
June 1, 2019
Only the amount of medical expenses that is more than 10% of your adjusted gross income can be used to reduce the penalty for early withdrawal. So the amount that you can actually claim for that reduction is the amount of your medical expenses minus 10% of your adjusted gross income.