Forgot last tax return to claim I pulled all of my 401k early, do I need to claim on this next return?

[AshIsh05]

I forgot to claim on my last tax return that I pulled all of my 401k from my old employer when filing last year (under age of 59 so I had to lose 10% of what I had on it). It was about 8k that I received from it after the 10% was deducted. Can I file it this year since I forgot to last year? Are there going to be a significant amount of interests and penalties added to it since I didn’t file it last year? What if I don’t have the paperwork to finally file it? It was in 2024 when I pulled it and forgot to claim and I’m now filing for 2025.

[xmasbaby0]

No, you cannot put stuff you forgot to enter last year on your 2025 tax return.   You can, however, amend your 2024 tax return to enter them.

Wait until your original return has been fully processed before you amend, and make sure you have saved a pdf of the original return before you amend. (If you do not save it as a pdf, the amended return will overwrite the original, and the original will be lost forever)

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-a...

Use a mailing service like certified mail  to track so you will know it was received since you will have a long wait.

Do not expect quick results from amending. It can take four months or more for the IRS to process an amended return.  

You can watch for information here:

https://www.irs.gov/filing/wheres-my-amended-return

You will need the 1099R----get it from the custodian of the 401k.

[MindyB]

No, if you took an early withdrawal in 2024, you cannot report this on your 2025 tax return.

You will need to amend your 2024 tax return. Here is some more information on filing amendments: How to File an Amended Tax Return with the IRS

Even though you already paid the 10% early withdrawal penalty, there is still regular income tax, interest (currently 7% annually, but can update quarterly) and penalties (.5% per month).

You can contact your 401(k) provider to obtain a copy of the 1099-R.  Most offer an online portal where you can obtain it.