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shortie8718
February 15, 2020
Question

How many years do you have to report an early withdraw from an IRA

  • February 15, 2020
  • 1 reply
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X
xmasbaby0
Employee
February 15, 2020

You do not have "years."   You must enter your 1099R in the tax return for the year in which you took the money out of your retirement account.  If you took money out in 2019 it goes on your 2019 tax return.

 

An early withdrawal is subject to a 10% penalty plus ordinary income tax.

 

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

**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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