1099-R 401k withdrawal

[Pattydfc8]

I made a withdrawal from my 401k in 2021 for a first time homebuying and I did not receive a 1099-R in 2022 or 2023. However, I got one this year. Taxes were not withheld. Why would I receive it 3 years later? Is this normal?

[xmasbaby0]

You would need to ask the administrator of the plan why it took them so long to issue a 1099R for money you took out of your 401k in 2021.   But you need to amend your 2021 return and enter that 1099R.   And.....sorry to bear bad news....but there is not an exception the 10% early withdrawal penalty for taking money out of a 401k if you are younger than 59 1/2.  You will owe the 10% penalty and ordinary income tax.  There is an exception to the early withdrawal penalty with a traditional IRA, but the rules are different for a 401k.

See this TurboTax support FAQ for amending a tax return - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-a...

[xmasbaby0]

The program is acting quirky and will not let me edit the above---need to add that there is not an exception to the 10% early withdrawal penalty for taking money out of a 401k to purchase a home.