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im here in the US on work visa. my visa ended in sept 2013, so i had to be terminated from my employer then since i would be gone for 3 months before my visa could be extended. before i went back to my home country, i withdrew whatever i had in my 401k to supplement my finances during that time since i wasnt sure i could find a job in those 3 months home (i still had to finish paying for my car and its insurance til last december, and pay for the last 2 months on my lease). i just started work again here in the US last Jan. 2. in filing for my taxes this year, what can i expect?
Your best bet would be to have an accountant process your tax return because it will be more complicated. You will likely have to pay a 10% penalty for an early withdrawal and regular income tax on the amount withdrawn. You would do these as part of your annual tax return.
The 401k monies will be added to your income, and a 10% penalty assessed on the 401k withdrawal, because it does not meet the 72T, or any other exemption.
zilam98. Please update what happened. What did you do finally.
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