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Took out money from my 401k on a hardship. I paid 10% up front

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in 2007. How can I...
Took out money from my 401k on a hardship. I paid 10% up front in 2007. How can I get IRS off my back?
Submitted: 8 years ago.Category: Tax
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Answered in 31 minutes by:
8/4/2009
Tax Professional: Marvin,EA, Enrolled Agent replied 8 years ago
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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Hello and thank you for using Just Answer. Did you report the withdrawal on your 2007 tax return?
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Customer reply replied 8 years ago
The only report was made by Schwab with a 10% payment from the withdrawl.
Tax Professional: Marvin,EA, Enrolled Agent replied 8 years ago
When you made the withdrawal from your 401K the amount withdrawal should have been reported on your 2007 federal tax return with your other taxable income.

Since the amount of the withdrawal was not reported on your 2007 return the IRS added the amount of the withdrawal to your other taxable income and computed additional tax. You should contact the IRS at(NNN) NNN-NNNNto make payment arrangement and apply to have any penalties abated due to reasonable cause.
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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