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Can someone show an example of how they listed 33% of their 401k withdrawal total due to the bill that was passed pertaining to an early withdrawal?

 
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3 Replies
ColeenD3
Expert Alumni

Can someone show an example of how they listed 33% of their 401k withdrawal total due to the bill that was passed pertaining to an early withdrawal?

The program will calculate it for you. It will divide the total by 33% and make that amount taxable on the 1040.

 

Can someone show an example of how they listed 33% of their 401k withdrawal total due to the bill that was passed pertaining to an early withdrawal?

@ColeenD3, what program are you referring to? I have to input everything manually from the 1040. When I input totals from what was withdrawn and put 33% for this year it always has me “review” it again and questions the 33% amount i input myself. 

ColeenD3
Expert Alumni

Can someone show an example of how they listed 33% of their 401k withdrawal total due to the bill that was passed pertaining to an early withdrawal?

Enter your 1099-R and indicate that it was a COVID withdrawal. You will be asked questions to see if you qualify. You will then be asked if you want to include the entire amount in 2020. If you do not wish to, do not check the box. The program will then do the calculation.

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