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401k distribution taxable amount

2 Replies
Level 15

401k distribution taxable amount

Distributions from a regular 401K are taxable as ordinary income.  Normally 20% of your distributions will be withheld for federal taxes.  The IRS assesses an additional 10% early withdrawal tax on distributions taken before age 59 1/2, unless you qualify for one of the exceptions.  You will receive a Form 1099-R at year's end giving you the specific dollar amounts.  Here's what the form looks like: 

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
Level 15

401k distribution taxable amount

Go to Federal taxes; Wages and Income; Retirement to enter the 1099-R.

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