Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
B
Bullflores
January 3, 2024
Solved

I reported a 401k withdraw on one 5b and think it should have been line 16a. Could this help me if I do an amendment?

  • January 3, 2024
  • 2 replies
  • 0 views
No text available
Best answer by VolvoGirl

Sorry line 5b is right for  2022.  It is all taxable and there is a 10% early withdrawal penalty if you were under 59 1/2 on schedule 2 line 8 which goes to 1040 line 23.  Sorry.  No you can't amend and get any back.  

2 replies

VolvoGirl
VolvoGirl
Employee
January 3, 2024

What year is it?  401K should be on 1040 line 5b taxable and 5a gross.  There is no line 16a.  Line 16 is for the tax.  But the 1040 lines have changed over the years.  Probably a prior year it was on line 16.  

B
BullfloresAuthor
January 4, 2024

This was on my 2022 tax returns.  We withdrew from our 401k to purchase a property but it fell through.  So of course we were taxed as income.  This put us in a different tax bracket.  An advisor mentioned I may have put it in the wrong spot.  I wondered if I did and if doing an amendment may get some of my $14k back

VolvoGirl
VolvoGirlAnswer
Employee
January 4, 2024

Sorry line 5b is right for  2022.  It is all taxable and there is a 10% early withdrawal penalty if you were under 59 1/2 on schedule 2 line 8 which goes to 1040 line 23.  Sorry.  No you can't amend and get any back.  

VolvoGirl
VolvoGirl
Employee
January 3, 2024

Way back in 2017 pensions and 401K were on line 16.  Then they started changing all the line numbers in 2018.

    TurboTax Sign In Widget
    TurboTax flag icon

    Unlock tailored help options in your account

    Create an account
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification