How do I put in info for my 401k??? I cashed out my account.

I’ve not done this before. This is only my second year doing my own taxes.

Retirement tax questions

You should have received or will receive later in January a Form 1099-R for the withdrawal.  I assume that this was an early withdrawal if you are under age 59 1/2.  In this case there will be a 10% early withdrawal penalty assessed on your tax return and entered as a tax liability.  You will need to upgrade to the Deluxe online edition for this tax liability.

To enter a form 1099-R -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Retirement Plans and Social Security
  • On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen.  Click on Jump to 1099-R

View solution in original post