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January 25, 2020
Question

Should I enter retirement income if i had a early withdrawal from my 401k and the 10% taxes were already taken out of the withdrawal at my request upfront?

  • January 25, 2020
  • 2 replies
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2 replies

DoninGA
Employee
January 25, 2020

You enter the Form 1099-R for the withdrawal as received on your tax return.  Retirement plan administrators have until January 31 to provide a 2019 Form 1099-R.

 

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

 

 

Employee
January 25, 2020

The 10% that was withheld may be higher or lower than the actual Federal tax that you owe.  You might owe state taxes as well.