TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

Question

Can someone explain 'Basis of Retirement' income? My husband took $20K out of an old 401K that he was no longer contributing to. I'm not sure what to put as his basis.

Forum|Forum|1 year ago
January 31, 2025
1 reply
0 views

If I am reading this correctly, it says to put $20K, but I'm not sure if that is right?

Employee

Did you get a 1099-R? What is the code number in box 7? You should not even be asked about basis for a 401k withdrawal. Basis is the amount of after-tax money invested, which for almost all 401k plans is zero (since the money was taken out of his check pre-taxes.)