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Question

I did not choose to take money out of m retirement account. When I left my job at BestBuy the company cashed it out. why is that my fault to take the tax burden?

Forum|Forum|1 year ago
April 5, 2025
1 reply
0 views

I did not choose to take money out of m retirement account. When I left my job at BestBuy the company cashed it out. why is that my fault to take the tax burden?

Employee

You could have chosen to roll it over into a new retirement account. You chose to just cash it out and use the money for whatever you did with it. So....sorry....it is taxable income; and, if you were younger than 59 1/2 there is an early withdrawal penalty.

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.**