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A withdrawal from a 401(k) account is a taxable event. The taxable amount of the withdrawal is entered on your tax return as ordinary income and taxed at your current tax rate. Paying a home mortgage is not an exception to the 10% early withdrawal penalty. If you were under the age for the early withdrawal penalty exception then the penalty will be assessed on your Form 1040 Line 59 as a tax liability. Any taxes withheld from the withdrawal will be entered on your tax return as a tax payment (just like from a W-2).
To enter a form 1099-R -
Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R
A withdrawal from a 401(k) account is a taxable event. The taxable amount of the withdrawal is entered on your tax return as ordinary income and taxed at your current tax rate. Paying a home mortgage is not an exception to the 10% early withdrawal penalty. If you were under the age for the early withdrawal penalty exception then the penalty will be assessed on your Form 1040 Line 59 as a tax liability. Any taxes withheld from the withdrawal will be entered on your tax return as a tax payment (just like from a W-2).
To enter a form 1099-R -
Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R
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