You should have received a form 1099-R from the administrator of your 401(k) account. If you haven't received this form, you should contact them to obtain a copy. You have to report this form on your tax return.
In TurboTax Online, you can enter your form 1099-R by following these steps:
- Open your tax return
- Click Federal in the left-hand column then on Wages & Income
- Locate the section Retirement Plans and Social Security and click on the down arrow on the right
- Click Start next to IRA, 401(k), Pension Plan Withdrawals (1099-R).
The amount withdrawn is subject to income taxes, and also a 10% early withdrawal penalty if you are under 59 1/2.
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