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 Taxtom Your Own Question
Taxtom, Accountant
Category: Finance
Satisfied Customers: 2364
Experience:  25 Years in preparing Personal and Business Tax Retuns
Type Your Finance Question Here...
Taxtom is online now
A new question is answered every 9 seconds

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: 6 years ago.
Category: Finance
Expert:  Taxtom replied 6 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