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M
MAYFERNANDEZ
Level 3
March 2, 2021

Early withdrawal fee waive for covid 19 pandemic

  • March 2, 2021
  • 1 reply
  • 7 views

I am doing the client tax and she withdraw her 401K because of the 10% penalty tax waive? How to remove it on schedule 2 item 10 for early withdrawal or how I fixed and waive the penalty

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    1 reply

    IRonMaN
    IRonMaN
    Level 15
    March 2, 2021

    If she withdrew it for that reason, she doesn’t get to have the penalty waived.  The penalty is waived for folks having financial hardships due to COVID.

    Slava Ukraini!
    M
    MAYFERNANDEZAuthor
    Level 3
    March 2, 2021

    thank you, does it says in the form the reason why you have to withdraw early the 401K?

    IRonMaN
    IRonMaN
    Level 15
    March 2, 2021

    Which form are you asking about?  Did she suffer a financial hardship because she was unemployed or ill, or did she pull it out because it was a good time to do it because the penalty was potentially waived?

    Slava Ukraini!
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