Retirement tax questions

Any time you take money out of a retirement account like a 401k or an IRA, you will receive a 1099R at tax time from the financial institution that handles your account.  That 1099R has to be entered on your tax return.

 

Here is some information from the IRS regarding whether money you take from a retirement account is taxable and/or if you will have an early withdrawal penalty:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-exceptions-to-tax-o...

 

**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.**