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Asked 11/21/2009
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I applied for disablity. I drew out my 410k money in 2008 to survive until I was approve for disablity. I was approved in July 2009. My disability started in Jan of 2008. I did a tax return for the year of 2008, but since I was approved and I was disable in 2008. did I have to pay taxes on my 410K money that I gor out in 2008? |
Answer 1/1 - Submitted 11/22/2009
Yes the taxes would still apply even if you were approved before withdrawal. The penalty is waived if your distribution is CODED as a disability distribution. Meaning the company that cut you the check would have had to have an award letter in hand at the time they cut the check. If they did not it is coded as an early distibution and you have to pay the 10% early withdrawal penalty as well. They cannot go back and change it once it is done.
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