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mrs-brunelle-b-8

Level 1

Question

Do we need to claim our 410k if we cashed it out early?

Forum|Forum|7 years ago
June 1, 2019
1 reply
1 view

Do we need a form to claim it in our taxes?

TurboTax Online

Level 15

You should be receiving a 1099-R from the administrator of the 401(k) plan (I assume that this is what you meant). Yes, you will have to enter the 1099-R in the Retirement section of your Wages & Income to report the income and pay any taxes due.

If you did cash the 401(k) out in 2016, don't file your return until you have this 1099-R. Hassle the administrator if you have to. If you file your return now, you'll just have to amend your return when the 1099-R eventually comes in. It's better to wait until you have it and then file.

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