Question

I revived a 1099-R because my previous employer paid me out from a 401K that had too low of a balance.

Forum|Forum|5 years ago
February 15, 2021
1 reply
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I did not request this payout.

TurboTax Deluxe Online

Employee

If you did not roll over the distribution to another tax deferred retirement account within 60 days then the taxable amount distributed is entered as ordinary income on your tax return. If you are under age 59 1/2 there will be a 10% early distribution penalty assessed and entered on the 2020 federal tax return as a tax lability.

Enter the Form 1099-R as received.