How do i find out what is required to withdraw fro...
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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.
2 Replies
Level 15

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.**
Level 15

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).

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