Does one need to file on Money pretaxed taken out of profit sharing if over the age of 59 and a half?

Forum|Forum|3 years ago
January 21, 2023
2 replies
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TurboTax Online

Bsch4477

Level 15

Yes. You should have received form 1099-R.

xmasbaby0

Level 15

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.**

Opus 17

Level 15

Any tax you pay on any kind of withdrawal is only an estimate. It might be too much or too little, depending on your other income, deductions and credits. You file one tax return for the whole year that lists all your income and computes your taxes. You include all your tax payments and withholding. If you overpaid, you get a refund, and if you underpaid, you owe an additional payment.