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January 29, 2021
Question

It’s taxing me additionally on my 401k withdrawal. I withdrew due to the cares act and thought I wouldn’t have to pay additional? Help pleaseeee

  • January 29, 2021
  • 1 reply
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1 reply

Employee
January 29, 2021

First of all, the withdrawal is taxable, so you might not have had enough withheld.  However, there is no 10% penalty, but the IRS has not yet released the form that handles that, and we don't know when they will.