How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
16356563
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

Can a 401K distribution be withdrawn/taken in the

Customer Question

Can a 401K distribution for 2014 be withdrawn/taken in the first week of January 2015 but still claimed on the 2014 tax return??
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
That woudl not be allowed...The taxable income is recognized based on when income is received.When distribution was actually or constructively received in January 2015 - it will be reported on 1099R for 2015 and will be included into 2015 tax return.That is regardless for which tax year that distribution is made.