If you choose to drill holes in the basin, make sure the holes are smaller than the solids handling rating of the pump (generally 1/4 in. to 1/2 in. for a standard sump pump). This will prevent larger solids from entering the basin and clogging the pump.
1 You must report the amount you withdrew from your retirement plan to the IRS. 2  You may have to pay an additional 10 percent tax on your withdrawal. 3  The additional 10 percent tax normally does not apply to nontaxable withdrawals. 4  Nontaxable withdrawals include withdrawals of your cost in participating in the plan.
Penalty. The tax penalty for withdrawing money from your 401(k) before you reach age 59 Â½ is 10 percent of the amount you withdraw, in addition to any regular income taxes you owe on the money you withdraw. To report the withdrawal and pay the tax penalty, youâll need Form 5329, Additional Taxes on Qualified Plans.Report the total amount of your early withdrawal on line 1 of the form. On line 2, deduct any withdrawals that arenât subject to the tax penalty, such as qualifying hardship withdrawals.eport 401(k) withdrawals on form 1040. The laws that established 401(k) retirement accounts sought to preserve the funds in those accounts for retirement. You can withdraw money from your account without penalty once you reach age 59 Â½, but in most cases, if you make an early withdrawal, you owe a tax penalty.