Get your taxes done using TurboTax

@barb1970 

 

"I had a 401K that I cashed out August 25, 2023. "

 

If you cashed out a retirement account in 2023, sometime in January or early February you are going to get a 1099R which must be entered on your 2023 tax return.   Depending on your age and the circumstances that led to cashing out the 401k, you might be subject to a 10% early withdrawal penalty; you will also be taxed on the withdrawal.

 

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.

 

If the financial institution that handles the 401k does not mail your 1099R you might have to go online to the website to get it yourself.

**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.**