401K Dispersement

2 replies
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I quit a job while having $94.23 in a 401K plan. The plan returned the money to me minus fees of $75.15. They did not send a 1099-R. Do I need to report an amount on my taxes?

401K

MaryK4Answer

Alumni - Intuit

Expert Reviewed

Yes, you need to report the income on your tax return even if you did not receive a 1099-R. However, they were required to issue you a 1099-R because you had tax withholding so you should contact the plan administrator to get a copy so that you can file your taxes correctly. See What to do when a W-2 or Form 1099 is missing or incorrect.

If you try to get the 1099-R and are not successful, in TurboTax, you will enter in the 1099-R section- you will be able to indicate that you did not receive a 1099-R.

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MaryK4Answer

Alumni - Intuit

Expert Reviewed

If you try to get the 1099-R and are not successful, in TurboTax, you will enter in the 1099-R section- you will be able to indicate that you did not receive a 1099-R.

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dmertz

Level 15

Because the amount distributed was $10 or more, the plan was required to issue a Form 1099-R. Assuming that the distribution was eligible for rollover and no directly rolled over to another qualified retirement account, taxes were required to have been withheld, so as MaryK4 said, they were also required to issue a Form 1099-R to give you credit for the tax withholding.