Cashed out my 401K in December

[brewershaley]

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?

[AndreaG · Accepted solution]

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