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I have 9000 in there and I took out 2070 my main concern is will I get a letter this year saying I owe them money this year ?

Forum|Forum|7 years ago
June 1, 2019
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ItsDeductible Online

Best answer by xmasbaby0

If you took money from your 401k you will receive a 1099R in late January/early February. Money you removed from your 401k is taxable, so you enter it on your tax return.

Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.

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xmasbaby0

Employee

We cannot see your screen or your account. $9000 in where? a letter from whom?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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bscelsAuthor

From my 401k I withdrew 2070 will I owe them money this year ? And will I receive.a letter sayin I owe them money

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bscelsAuthor

This Jan or next Jan 2019

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bscelsAuthor

I withdrew it yesterday

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xmasbaby0

Employee

Oh--you did not mention that before. You will get a 1099R next year in 2019 for the withdrawal you took in 2018. It will be taxable on your 2018 return that you prepare in 2019.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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bscelsAuthor

Okay so I won’t owe anything this year correct ? It’ll be when I file next year ? And I won’t get a latter stating I owe them money ?

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xmasbaby0

Employee

Please explain something--was this a loan from your 401k or just a withdrawal?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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bscelsAuthor

Just a withdrawal

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xmasbaby0

Employee

Then you will not get anything until the 1099R next year. If this was an early withdrawal there is a 10% penalty as well as tax you will owe when you prepare your return next year.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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bscelsAuthor

Awesome thank you