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kteague314
New Member

How do I get Turbotax to recognize that I withdrew early from my 401k? It's saying that I didn't, but I withdrew the whole thing in mid-December.

I'm not over 59.
1 Best answer

Accepted Solutions
SweetieJean
Level 15

How do I get Turbotax to recognize that I withdrew early from my 401k? It's saying that I didn't, but I withdrew the whole thing in mid-December.

The 1099-R is entered here only: Federal taxes; Wages and Income; Retirement

View solution in original post

6 Replies
DoninGA
Level 15

How do I get Turbotax to recognize that I withdrew early from my 401k? It's saying that I didn't, but I withdrew the whole thing in mid-December.

Did you enter the Form 1099-R in the Retirement Income section of the program and did your Form 1099-R have a code in box 7 of 1?
SweetieJean
Level 15

How do I get Turbotax to recognize that I withdrew early from my 401k? It's saying that I didn't, but I withdrew the whole thing in mid-December.

Is your DOB correct in the program?
Carl
Level 15

How do I get Turbotax to recognize that I withdrew early from my 401k? It's saying that I didn't, but I withdrew the whole thing in mid-December.

It all goes by the code in box 7 of the 1099-R. I would expect it to be a "1" for you. But if you haven't received the 1099-R yet, you really need to wait for it. Nowadays, you should be able to log into your retirement account and get it that way.
kteague314
New Member

How do I get Turbotax to recognize that I withdrew early from my 401k? It's saying that I didn't, but I withdrew the whole thing in mid-December.

My DOB is correct. And I went to the section that said “additional tax payments - extra tax on early retirement withdrawals”. Immediately it says that I have no early retirement withdrawals and won’t let me enter anything.

Is there somewhere else I should be entering information from the 1099-R?

And thank you everyone for your quick responses!
SweetieJean
Level 15

How do I get Turbotax to recognize that I withdrew early from my 401k? It's saying that I didn't, but I withdrew the whole thing in mid-December.

The 1099-R is entered here only: Federal taxes; Wages and Income; Retirement

View solution in original post

kteague314
New Member

How do I get Turbotax to recognize that I withdrew early from my 401k? It's saying that I didn't, but I withdrew the whole thing in mid-December.

I’ll have to try that then. Thank you very much!
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