You should have received a form 1099R for the withdrawal of funds from the 401k. Use the form 1099-R to repost the income.
You'll get a 1099-R if you received $10 or more from a retirement plan. You can add up to 20 1099-Rs in TurboTax.
Here's how to enter your 1099-R:
- Open (continue) your return, if you don't already have it open
- Locate the Search bar by the magnifying glass icon. Search for 1099-R and select the Jump to link in the search results
- Answer Yes on the Did you get a 1099-R? screen
- If you land on the Review your 1099-R info screen instead, select Add Another 1099-R
- Answer any questions until you get to the screen Let's import your tax info. Here you can choose how you want to enter your 1099-R:
- If your financial institution is a TurboTax 1099 partner, you can import your form. Select your institution from the list and enter your sign-in credentials, then select Get my form to start the import process
- If you prefer to upload your 1099-R or type in the info yourself, select Change how I enter my form. On the next screen, select your preferred entry method
- Continue answering the questions to enter or review the info from your 1099-R
Generally, anyone can make an early withdrawal from 401(k) plans at any time and for any reason. However, these distributions typically count as taxable income. If you're under the age of 59½, you typically have to pay a 10% penalty on the amount withdrawn.
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