turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

joyttw20
New Member

Do I trash 401k sec & start over (can't find page where one makes choice: ending job and/or retiring (I picked the 1st but now think I should have picked 2nd as well)?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Do I trash 401k sec & start over (can't find page where one makes choice: ending job and/or retiring (I picked the 1st but now think I should have picked 2nd as well)?

Those beginning questions aren't needed.  They just help the program to ask you questions later.  You just need to enter any W2 and 1099 you get.  You don't report that you retired anywhere on your tax return.  Did you get Social Security too?  You just enter all your income.  

RobertB4444
Employee Tax Expert

Do I trash 401k sec & start over (can't find page where one makes choice: ending job and/or retiring (I picked the 1st but now think I should have picked 2nd as well)?

As @VolvoGirl says you don't need to tell the system that you are retiring.  The way that you will inform the IRS that you have retired is that you will stop receiving a W2 and start receiving a 1099-R with withdrawals from your 401k.  Until you start receiving that 1099-R you don't have anything to report.

 

Once you do receive the 1099-R you'll enter it into the 'Retirement Plans and Social Security' section under 'Wages and Income' on your federal return.  It is entered just like you entered your W2 before, where you can copy the information into the system or you can import the form directly from the financial institution managing your 401K.

 

Happy retirement!

 

@joyttw20 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question