Retirement tax questions

If you take money out of your retirement account, you will get a 1099R which must be entered on your next tax return.   If you are younger than 59 1/2 there will be a 10% early withdrawal penalty as well as ordinary income tax.  

 

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.

 

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