HelenaC
New Member

Retirement tax questions

If the 60 day time period to 'rollover' your 401(k) has passed, it is considered cashed out. You will have to include it on your income tax return and pay taxes and/or there may be a penalty for early withdrawal.

See the screenshot below on how to answer the TurboTax What Did You Do With The Money From xxx? question. Note, it says I did something else with it (cashed out, etc).

TurboTax will ask you some questions to see if you qualify for any exceptions to the penalty.

https://ttlc.intuit.com/replies/5397743

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