401k Withdrawal

[taxidiot01]

I withdrew my entire 401k and I can’t remember if I entered the information when I filed my taxes. I want to make sure I don’t need to amend my taxes. Where can you find that on your tax documents to show you already added it?

[VolvoGirl]

Check if it's in your 1040 line 5a  (gross amt) and  5b (taxable amt).   And any withholding in box 4 on line 25b.

[taxidiot01]

There are amounts in 4b (taxable amount) and 25b. Does that mean I did add it?

[VolvoGirl]

No.  4b is for IRA withdrawals.  A 401k is on line 5 unless you made a mistake entering it.  Do you have any other 1099R forms?  If your 401K got on line 4 the IRS might miss it and say you didn't report it.  

[taxidiot01]

I just double checked it. I guess I have 2 but one has IRA/SEP/SIMPLE marked and the other one doesn’t. Both have different amounts for some reason. 

[taxidiot01]

One says Box 7 code G. On the back it says it’s a direct rollover. Probably from when I left my job and they auto switched it. The other one Box 7 code 1 - which is the early distribution 

[VolvoGirl]

What exactly happened?  Did they roll the 401K to an IRA and then you took it out of the IRA?  The IRA 1099R will be on box 4 and taxable and a 10% Early Withdrawal Penalty.  The 401K with code G will only be on line 5a and no taxable amount in 5b and should say "rollover" by it.  

[VolvoGirl]

They have Different amounts?  Is the 1099R from the IRA more or less?  It might have earned some interest or you didn't take it all out.

[taxidiot01]

The 1099R code 1 is less than the 1099R code G. The greater amount (only more by $10) doesn’t have any taxes withheld from it. The lesser amount has state taxes withheld. 

My assumption is that my old job had auto rolled my 401k into an IRA since I was no longer with them. This was my first time having a 401k so I don’t know a lot about it. The company sheet in a separate statement I found says IRA on the top (guess I should’ve paid more attention)

[VolvoGirl]

Yes the code 1 is from the IRA.  Check your IRA statement or withdrawal confirmation.  They might have charged you a fee or the IRA lost money before you took it out.  Are you ok now?  Sounds like your tax return is right (even if you didn't enter the code G 1099R).  Code G is a direct rollover and not taxable so your return is ok.   But if you didn't enter it the IRS may say it's missing so if they ask just tell them it was rolled over.  

[taxidiot01]

Yes thank you so much for your help. I greatly appreciate!