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How do i find out what is required to withdraw from my 401K because I'm over 70 1/2
I withdrew more than was required from my 401K, but I don't know what amount was required.
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How do i find out what is required to withdraw from my 401K because I'm over 70 1/2
First----there was no required minimum distribution for 2020----the tax laws say you did not have to take it for 2020 due to the pandemic. But you will receive a 1099R for the distribution you took. They usually arrive in late January or early February.
To enter your retirement income, Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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How do i find out what is required to withdraw from my 401K because I'm over 70 1/2
see IRS Pub 590B to get the divisor to use for your age.
If you turned 70 1/2 in 2020, your first RMD must be taken in the year you turn 72, and your divisor will be 27.4 (new tables take effect then).