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COMPANY I WORKED FOR HAD A RETIREMENT PLAN WENT OUT OF BUSINESS HOW DO I HANDLE TAXES MY NEW COMPANY DOESNT HAVE A RETIREMENT PLAN I WAS DISTRIBUTED THE ENTIRE AMOUNT

IM NOT SURE HOW TO ENTER THIS

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7 Replies
JulieR
Expert Alumni

COMPANY I WORKED FOR HAD A RETIREMENT PLAN WENT OUT OF BUSINESS HOW DO I HANDLE TAXES MY NEW COMPANY DOESNT HAVE A RETIREMENT PLAN I WAS DISTRIBUTED THE ENTIRE AMOUNT

Did you receive Form 1099-R reporting your distribution?

COMPANY I WORKED FOR HAD A RETIREMENT PLAN WENT OUT OF BUSINESS HOW DO I HANDLE TAXES MY NEW COMPANY DOESNT HAVE A RETIREMENT PLAN I WAS DISTRIBUTED THE ENTIRE AMOUNT

YES
JulieR
Expert Alumni

COMPANY I WORKED FOR HAD A RETIREMENT PLAN WENT OUT OF BUSINESS HOW DO I HANDLE TAXES MY NEW COMPANY DOESNT HAVE A RETIREMENT PLAN I WAS DISTRIBUTED THE ENTIRE AMOUNT

To report your 1099-R, please follow the TurboTax instructions below.  https://ttlc.intuit.com/replies/4194737

COMPANY I WORKED FOR HAD A RETIREMENT PLAN WENT OUT OF BUSINESS HOW DO I HANDLE TAXES MY NEW COMPANY DOESNT HAVE A RETIREMENT PLAN I WAS DISTRIBUTED THE ENTIRE AMOUNT

BUT DO I ENTER IT UNDE OTHER?
JulieR
Expert Alumni

COMPANY I WORKED FOR HAD A RETIREMENT PLAN WENT OUT OF BUSINESS HOW DO I HANDLE TAXES MY NEW COMPANY DOESNT HAVE A RETIREMENT PLAN I WAS DISTRIBUTED THE ENTIRE AMOUNT

I'm not sure I understand what you are asking. The entries you make should match the 1099-R form exactly.  Don't input any information that is not included on that form.  Please comment further if you need additional guidance.

COMPANY I WORKED FOR HAD A RETIREMENT PLAN WENT OUT OF BUSINESS HOW DO I HANDLE TAXES MY NEW COMPANY DOESNT HAVE A RETIREMENT PLAN I WAS DISTRIBUTED THE ENTIRE AMOUNT

where it says these situations may lower your tax bill do I enter the amount under other? options are :equal periodic payments
medical expenses
permanent disability
death
irs levy
alternate payee under QDRO
other reason
 do I enter this under other reason s there is no place to enter because the company that held my pension went out of business and my new company doesn't offer a 401 k or ira plan

JulieR
Expert Alumni

COMPANY I WORKED FOR HAD A RETIREMENT PLAN WENT OUT OF BUSINESS HOW DO I HANDLE TAXES MY NEW COMPANY DOESNT HAVE A RETIREMENT PLAN I WAS DISTRIBUTED THE ENTIRE AMOUNT

I see, you are looking for early withdrawal penalty relief.  No, unfortunately, there is no penalty exception for this distribution unless you were older than 59 1/2 years of age at the end of 2018 (if this had been the case, the distribution code would have been "2").  If you were not, your only option would have been to roll the distribution into an IRA plan you opened yourself.
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