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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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Can a 401K distribution be withdrawn/taken in the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Can a 401K distribution for 2014 be withdrawn/taken in the first week of January 2015 but still claimed on the 2014 tax return??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: 2 years ago.
Category: Tax
Expert:  Lev replied 2 years 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.