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Mom Confessions Mom Confessions

I am going to have to give back some money.. ugh

Anonymous
Posted by Anonymous
  • 6 Replies

I've never had to do this before. DH had a 401k through his old job. We did not carry it over to his new job. Last year we withdrew everything in it because we needed the money and nothing else was being put into it. Well the guy who was on the phone with my husband recommened that we just get taxes taken out of it then so we didn't have to deal with anything around tax time(now). We are young.. (24 & 22), The guy from the company with the 401k didn't explain that we would need to file taxes with a 1099-R form. Well, fast forward to today when we got the forms in the mail and I have already efile our w2s. gahhhhh.

My question is, has anyone had this happen to them?

I was told to wait to get the taxes back since they were already accepted by the IRS, and then file and addendum. 

How do I do that!? I am so worry that we are going to get in a lot of trouble because I didn't get this form and efile with it.

Posted by Anonymous on Feb. 2, 2013 at 1:33 AM
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Replies (1-6):
viasacra18
by on Feb. 2, 2013 at 1:35 AM
Idk but bump because the same thing might have happened to us and I want to know too!
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Fields456
by Ruby Member on Feb. 2, 2013 at 1:37 AM
I have no idea. Only thing I do know is when u take money out of your 401k early u owe a good percent back due to taxes. I believe close to 25% if not more
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stickyfingers
by Platinum Member on Feb. 2, 2013 at 1:37 AM
you go back in to your acct and there is an option for doing an addendum. it should be pretty easy...
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stickyfingers
by Platinum Member on Feb. 2, 2013 at 1:38 AM
you also dont have to pay it all back right away. how much did he have in the 401K? but if you already paid taxes on it you should have a reciept of some sort to prove you did it already.
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tossed
by Platinum Member on Feb. 2, 2013 at 1:39 AM

You will need to file an amended return. If you used a tax prep site, they should have directions for filing an amended return. Some of the software for that is not available yet and will be up and running around Feb. 7 according to Turbo Tax. You will have to print out the amended return and mail it in. You won't get in trouble if you handle this quickly. Amended returns happen all of the time.

Anonymous
by Anonymous 1 - Original Poster on Feb. 2, 2013 at 1:45 AM

Well, after they took everything out for the withdrawl penelty and taxes, we only got a little over $1000. 

Quoting stickyfingers:

you also dont have to pay it all back right away. how much did he have in the 401K? but if you already paid taxes on it you should have a reciept of some sort to prove you did it already.


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