401k withdrawal

Forum|Forum|1 year ago
March 21, 2025
1 reply
9 views

When completing my tax forms i noticed that the amt of my non penalty 401k wd income carried over to the state form and plugged in a 20k subtraction under pension and annuities(pension and annuities income exclusions for local , state federal pensions) I don't believe I am eligible for this subtraction as this is not a pension (it is a 401k savings acct). I tried 2 different tax programs with the same affect. While it looks great as I would get alot more in a return, I dont wish to be penalized for the 1k difference if it is wrong . This.is for Nys

401K

DaveF1006

Level 15

To clarify, what state?

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Laf923 Author

Level 2

New york

MarilynG

Level 15

On what form is your 401K Savings Plan withdrawal reported to you? If it's a Form 1099-R, what Code is in Box 7 on your form? If this applies, is there different amount in Box 1 and Box 2a? The amount in Box 2a would be the taxable amount. Is there an amount in Box 5, which would indicate after-tax contributions to the account?

If you can share more info, we'll try to help.

Here's detailed info on 1099-R for Pensions, Annuities, Retirement.

@Laf923

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