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My 401k was taxed $11,905.14 withdrawal of funds on a 2010

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my 401k was taxed $11,905.14...
my 401k was taxed $11,905.14 for early withdrawal of funds on a 2010 1099-R. I was was awarded full disability on July 9, 2009. How can I get the refund since I was disabled and should not have been taxed
Regards, Mark
Submitted: 2 years ago.Category: Tax
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Answered in 12 minutes by:
10/22/2015
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,286
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi Mark,

...

Normally, you would simply file an amended return for that year (1040-X)

...

I'm so sorry to have to be the essenger here, but there is a statute of limitations on filing for a refund.

...

Taxpayers have until the later of three years from the date of the original deadline of the tax return or two years from the date the tax was actually paid to claim a refund of overpaid taxes from the IRS.

..

For example, your 2013 tax return is due on April 15th, 2014. Add three years to this filing deadline, and you have until April 15th, 2017, to file your 2013 tax return and still get a tax refund. If you file your 2013 return after April 15th, 2017, then your refund expires. It goes away forever because the statute of limitations for claiming a refund has closed.

...

You can read monre about that here: http://taxes.about.com/od/backtaxes/qt/statute_limits.htm

...

(one of the biggest IRS gotcha's out there - when this happens, they call it an excess collection)

...

Hopefully it will help to know that, since you were never taxed on those dollars (the monty goin into the 401(k) on a pre-tax basis) it would only have been the additional 10% that would be waived in the event of disability. the distribution itself is always taxed.

...

Please let me know if you have any questions at all

...

Lane

..

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Hi,

….

I'm just checking back in to see how things are going.

….

Did my answer help?

….

Let me know…

….

Lane

...

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,286
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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