Skip to main content
March 12, 2020
Question

If you cash out your 401k ($400) because you were denied unemployment and needed to buy groceries, pay the electrical and gas bills.... is that taxable?

  • March 12, 2020
  • 1 reply
  • 0 views
No text available

1 reply

Employee
March 12, 2020

Sorry but yes.  You will get a 1099R for it and you will have to enter it on your tax return.   

 

Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**