Retirement tax questions

In January or early February you will receive a 1099R for the money you took from your retirement account.   You do not say how old you are--but mention taking it out "early."   You may be subject to a 10% early withdrawal penalty as well as ordinary tax.   You can enter the 1099R on your tax return.  If they do not mail you a 1099R you might need to obtain it by going online to your retirement account.

 

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.**