Retirement tax questions

Since you are older than 59 1/2, you will not have an early withdrawal penalty, but the money you take out of the retirement account is taxable income, no matter what you are using it for.    If you take the money out in 2023, you will receive a 1099R for the distribution sometime in January or February and you will need to enter it on your 2023 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.

**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.**