Visitor III

Roth 401k withdrawls

I withdrew from my Roth 401k.  My plan sponsor tracked my contribution (cost basis) and I withdrew an amount under that cost basis.  I rolled it into my Roth IRA and withdrew it as well as some of my Roth IRA contributions.  My question is, is any of this considered an early withdrawal and subject to taxes or penalty?

1 Comment
TurboTax Specialist

Roth 401k withdrawls

If you withdrew from the Roth 401k contributions and earnings, then there can be taxes and early withdrawal penalties on the the taxable portion (earnings). If you only withdrew your contributions, then you should not have any penalties.

 

See links below for reference;

 

https://ttlc.intuit.com/questions/4135547-roth-401k-withdrawal-penalties-taxes

https://www.investopedia.com/ask/answers/101314/what-are-roth-401k-withdrawal-rules.asp