401-K withdrawal

You should have received a form 1099-R from the administrator of your 401(k) account. If you haven't received this form, you should contact them to obtain a copy. You have to report this form on your tax return.

 

In TurboTax Online, you can enter your form 1099-R by following these steps:

 

1. Open your tax return
2. Click Federal in the left-hand column then on Wages & Income
3. Locate the section Retirement Plans and Social Security and click on the down arrow on the right
4. Click Start next to IRA, 401(k), Pension Plan Withdrawals (1099-R).

The amount withdrawn is subject to income taxes, and also a 10% early withdrawal penalty if you are under 59 1/2.

 

You should have received a Form 1099-R for the withdrawal in 2023.

 

To enter, edit or delete 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

 

On the screen Did you get a 1099-R in 2023? Click on Yes

On the next screen click on Continue

On the screen Let's import your tax info Click on Change how I enter my form

On the screen How do you want to add your 1099‑R? Click on Type it in myself

On the screen Who gave you a 1099-R? select the type of 1099-R you received and Continue