Level 15
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Retirement tax questions

Yes.  You will receive a 1099R for the money you took out of the 401k which must be entered on your tax return.  That you gave it as gifts to your grandchildren is not relevant.   Gifts to individuals are not deductible.  

 

 

 

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.**