Mankus & Marchan, LTD | Tony Mankus
You will not be responsible for any taxes owed by your husband if you file your tax returns separately and his 401K plan funds were in place before your marriage. There may be some other issues if you reside in a community property State. Check with a tax attorney in your State.
Answer Applies to: Illinois
E. Ray Critchett, LLC | Ray Critchett
Generally, your husband would be the only one permitted to withdraw money from his retirement account and as such, he would be liable for those taxes and penalties. You should contact your accountant and/or a tax attorney before proceeding to ensure that you know what your tax liability may be. You may contact our office to schedule an appointment if you have further questions or if you need assistance with this issue. You can also schedule an appointment or obtain additional information at our website.
Answer Applies to: Ohio