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A withdrawal from a 401(k) account is entered on your tax return as ordinary income and taxed at your current tax rate. Any taxes withheld from the withdrawal are entered on your tax return as a tax payment (just like from a W-2). If your total tax payments are greater than your total tax liabilities then you will receive a tax refund for the overpayment. If your total tax payments are less than your total tax liabilities then you will have taxes owed.
You will receive a Form 1099-R in January of the year following the withdrawal from the plan administrator.
To enter a form 1099-R -
Or enter 1099-r in the Search/Find box located in the upper right of the program screen. Click on Jump to 1099-R
A withdrawal from a 401(k) account is entered on your tax return as ordinary income and taxed at your current tax rate. Any taxes withheld from the withdrawal are entered on your tax return as a tax payment (just like from a W-2). If your total tax payments are greater than your total tax liabilities then you will receive a tax refund for the overpayment. If your total tax payments are less than your total tax liabilities then you will have taxes owed.
You will receive a Form 1099-R in January of the year following the withdrawal from the plan administrator.
To enter a form 1099-R -
Or enter 1099-r in the Search/Find box located in the upper right of the program screen. Click on Jump to 1099-R
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