Do you owe at least $10,000 in back taxes? Book your FREE consultation with Choice Tax Relief by calling 866-8000-TAX or booking here: choicetaxrelief.com/free-tax-relief-consultation/?utm_source=YouTube&utm_medium=description&utm_campaign=401k-early-withdrawal&utm_content=3rpANX_TEtI My team can help you understand your options for a tax bill you can't afford. Free. No obligation. No judgment. Cashed out your 401(k) and now owe a tax bill you can't afford? A withdrawal can trigger income tax plus a 10% early-distribution tax. In this video, I respond to someone who withdrew about $38,000 after a layoff and ended up facing a tax bill of more than $12,000. I explain why a layoff or financial hardship doesn't automatically erase the 10% additional tax, where Form 5329 fits in, and the collection options that may be available when you can't pay: an IRS payment plan, a partial payment installment agreement, currently not collectible status, or an offer in compromise. Eligibility...