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Cashed out my 401K in December
I cashed out my 401K in December but have not received my 1099-R. Will this need to be included on this years taxes? How will it affect my return?
Yes, you do need to wait for your 1099R form. The distribution will be taxable and if you were under age 59 1/2 at the time that you took the distribution, there is an additional 10% penalty unless you qualify for an exception. Please refer to page 32-33 of Pub 575 under the headings: "tax on early distributions", "exceptions to tax", "general exceptions", and "additional exceptions". https://www.irs.gov/pub/irs-pdf/p575.pdf
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