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- Re: 10% premature 401k exception - emergency up to $1000
10% premature 401k exception - emergency up to $1000
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JOHNNYCPA
Level 3
Friday
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in preparing 5329 exceptions. I have client that withdrew $25,000 from 401k ( under 59.5 years) . about $5,000 was used for emergency repair on his vehicle. Can I use up to $1,000 for emegency exception so that only $24,000 is hit with 10% penalty/
Thanks,
John
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Just-Lisa-Now-
Level 15
Friday
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Yes, Its Line W on the 5329
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
rbynaker
Level 13
Friday
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That's my understanding. Looks like Pub 590-B is not out yet for 2024 but there's a Notice you can review:
https://www.irs.gov/irb/2024-28_IRB#NOT-2024-55
See if any of the Q&A are on point. You may get different answers depending on whether or not the plan has been amended to allow for EPEDs.
