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January 28, 2021
Question

Hello, I withdrew money from my 401K, I withheld 10% at payout, how can I reflect that?

  • January 28, 2021
  • 2 replies
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2 replies

January 28, 2021

Federal income withheld at the time of the 401(k) distribution is reported in box 4 of form 1099-R.

 

When entering your form 1099-R in your tax return, enter the amount in box 4 in the entry template.

 

The tax withheld will help reduce your tax liability.

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VolvoGirl
Employee
January 28, 2021

You will get a 1099R for it.  Is the 10% withholding in box 4?

 

The easiest way to get to the 1099-R entry screen is to simply search for 1099-R (upper- or lower-case, with or without the dash) in your TurboTax program and then click the "Jump to" link in the search results.

 

Enter 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.