I have a 401k retirement savings isn’t that different than an IRA

Forum|Forum|1 year ago
March 19, 2025
1 reply
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I have already paid federal tax on the money I took out of 491k

TurboTax Deluxe Online

xmasbaby0

Employee

You had tax withheld from the distributions from the retirement account, just like when an employer withheld tax from your paychecks. When you enter it all into the software, the calculations are done to reconcile the amount of income you received and the amount of tax that was withheld. You might owe more or you might get a refund.

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.**