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pb84sp
February 22, 2020
Question

If my first husband died in 2016 but I was unable to withdraw all my money in my 401K until 2019 to cover bills am I able to claim the money free of taxation?

  • February 22, 2020
  • 1 reply
  • 0 views
To withdraw the money I had to be not employed for 5 years with that company and 5 years wasn't until this past year.

1 reply

DavidS127
DavidS127
February 22, 2020

No, the distribution from your 401(k) plan will be taxable.  If you took the distributions before you reached age 59½ you may also be subject to a 10% additional tax on early withdrawals.

 

The exception to the 10% penalty for death applies only to distributions from a 401(k) or IRA owned by the person who passed.

 

 

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