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Deductions & credits
You are past the age of 59 1/2 so you do not have an early withdrawal penalty. But the distribution from your retirement account is taxable at any age. In January you will get a 1099R that must be entered on your tax return.
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.
Your state might tax the retirement money as well--depending on what state you live in.
**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.**
‎December 2, 2020
4:52 PM