When I am entering reasons for withdrawing from my 401k, do I need to put the amount of money I spent?

Forum|Forum|2 years ago
January 22, 2024
1 reply
0 views

No text available

TurboTax Credit Karma DIY Free

Best answer by dmertz

For exceptions to the early-distribution penalty it is necessary to enter the amount that qualifies for the particular exception. Not all of a distribution necessarily qualifies for an exception.

xmasbaby0

Employee

It is not going to ask you what you did with the money. You are going to get a 1099R for the money you took out of your retirement account. The 1099R will show how much you took out and how much tax was withheld. You will enter that 1099R into your tax return. They usually send out 1099R's in late January to mid-February. Sometimes you have to go to their website to get them.

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.**

VolvoGirl

Employee

It might ask why to see if you have an exception to the 10% Early Withdrawal Penalty but I don't think you need to enter the amount.

dmertzAnswer

Employee

For exceptions to the early-distribution penalty it is necessary to enter the amount that qualifies for the particular exception. Not all of a distribution necessarily qualifies for an exception.