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My wife left her job and her 6 figure income some years ago…

My wife left her...

My wife left her job and her 6 figure income some years ago and over the course of 3 or 4 years we withdrew money from her 401K, until it was all gone, because we needed it to meet bills. She is on federal disability, but it took 2 or 3 years to gain it. We are considering an amended return because we just heard that we might qualify for a refund of at least the penalty part of the taxes. Are we too late, and is there provision for this?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

My wife was on California state disability for a year (much easier to qualify for), but it provided not nearly enough money to compensate for loss of salary.

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3/22/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,421
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The IRS will accept an amended return up to 3 years after the date you filed the original return or within 2 years after you paid the tax due on the return, whichever is later.

You have until April 17, 2018 to amend a 2014 tax return. All prior years cannot be amended for a refund.

Are you in the time frame to amend?

The attached IRS link contains the exceptions to early withdrawal from a 401K:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,421
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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