If you are under the age of 59 1/2 when you received the distribution from the 401(k) and did not roll the amount over to another tax deferred account within 60 days, you will have a 10% early distribution penalty assessed on your 2021 tax return for the withdrawal in 2021. You should have or will receive a Form 1099-R for the distribution.
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
