Question

401K withdrawal paid taxes

Forum|Forum|5 years ago
June 9, 2020
1 reply
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I had to take a withdrawal from my 401k. They took out the state and federal taxes. They sent me form 1099-R which shows the federal and states taxes withheld. I am doing the step by step method. Where do I enter those taxes in turbo tax? Turbo Tax has not asked me for that information. Only the amount I took out.

Thank you

D

dmertz

Employee

Enter the amount of federal tax withholding shown in box 4 of your Form 1099-R only in box 4 of TurboTax's 1099-R form, nowhere else. TurboTax then automatically includes this amount in the total tax withholding on Form 1040 line 17. Similarly, enter the state tax withholding shown in box 12 of the Form 1099-R only in box 12 of TurboTax's 1099-R form, nowhere else.

VolvoGirl

Employee

You enter it on the same screen where you entered the income. The boxes on the screen match your 1099R. Go back and edit the 1099R or delete it and re enter it.

Enter or Edit a 1099R under

Federal Taxes on the left side

Wages & Income at the top

Then scroll way down to Retirement Plans and Social Security,

Then IRA, 401(k), Pension Plans (1099R) - click Start or Revisit

If you are filing a Joint return be sure to pick which person it is for.

If you edit or review a 1099R it does not keep your answers from before but resets them to the defaults. Then you have to go through and answer them all again. So be sure to go all the way to the end of the 1099R section. They are right unless you go back.