Skip to main content
April 18, 2022
Question

Received money from a former employer's 401K and federal taxes were taken out, but I did not withdraw this money?

  • April 18, 2022
  • 1 reply
  • 0 views
How do I avoid paying taxing on this?

1 reply

DoninGA
Employee
April 18, 2022

If you did not roll over the funds from the 401(k) within 60 days to another tax deferred retirement account, then the amount distributed is reported as income on your tax return.

 

To enter, edit or delete a form 1099-R -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Retirement Plans and Social Security
  • On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

 

On the screen Did you get a 1099-R in 2021? Click on Yes

On the next screen click on Continue

On the screen Let's import your tax info Click on Change how I enter my form

On the screen How do you want to add your 1099‑R? Click on Type it in myself

On the screen Who gave you a 1099-R? select the type of 1099-R you received and Continue