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April 5, 2025
Question

where do a enter $22,000 deduction to my 401k due to hurricane milton

  • April 5, 2025
  • 1 reply
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where on turbo tax due I reduce my 401k by $22,000 early withdrawal due to Hurricane Milton

    1 reply

    April 5, 2025

    You should have received a 1099-R from your 401(k) plan administrator.  Report this in TurboTax by navigating to Federal  > Wages & Income >IRA, 401(k), Pension Plan Withdrawals (1099-R).

     

    In order to ensure you pay the tax over a three-year period instead of one, and are exempt from the usual 10% penalty on early distributions, check the box I took out this money due to a qualified disaster after entering your 1099-R.