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Taxtom
Taxtom, Accountant
Category: Finance
Satisfied Customers: 2364
Experience:  25 Years in preparing Personal and Business Tax Retuns
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I got fired 12/9/10, started a new job 1/3/2011. In order to

Customer Question

I got fired 12/9/10, started a new job 1/3/2011. In order to pay bills, and fix a bathroom tub from collapsing, I withdrew my 401k from my old employer. Are there any home repair tax credits that may apply to help the 10% hit? Also, what things could I invest the remainder in to avoid the 10%? Help! I'm a nervous wreck. I think I may have made a mistake.
Submitted: 5 years ago.
Category: Finance
Expert:  Taxtom replied 5 years ago.

Taxtom :

Hello, First you can take any remaing money you have an roll it into a traditional IRA at any bank, you have only 60 days from the date of withdraw so you want to do that now. You can just put into a simple money market account and decide later how to invest it. The only home improvements that may give you a tax credit are if they are energy improvements such as windows, heaters, and such. Thank You Tom