Retirement tax questions

If you used money from a 401k before you reached age 59 1/2 you will owe the 10% early withdrawal penalty as well as ordinary income tax.   You do not get an exception to an early withdrawal from a 401k for purchasing a house.   The exception for that is only for a traditional IRA.

 

 

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.

**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.**