• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

HELP...401k early withdrawal ??'s

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

CITYGIRL811

Junior Member
What is the name of your state? CT
Hi I have been out of work due to an illness(not permanent). I am a widow and last year worked part time and took an early withdrawal from my 401k. I ended up having to pay almost $14,000 between state and federal taxes. I made arrangements with the IRS and borrowed the money and have only about $600 left to pay from last year. Well because I don't have money and could not work at all this year or for several years prior I ended up withdrawing $60,000 from my 401 K again because I had nothing else that I could do.I had to pay last years taxes and I was in an accident and had to buy a replacement car. I had 20% tax withheld from the 401k distribution. I have an appointment with H & R Block tomorrow.
Is there anything that I can claim or any advice for me. i am an intelligent business woman who lost her husband, job and then got sick.Desperate times call for desperate measures.. I am finally getting through my illness and plan on returning to work asap. Any advice would be helpful. Should I keep this appointment?? Thanks for all advice.
 



Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top