How do I put in info for my 401k??? I cashed out my account.

I’ve not done this before. This is only my second year doing my own taxes.

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1 Best answer

Level 15

Jun 5, 2019 11:23:33 PM

You should have received or will receive later in January a Form 1099-R for the withdrawal. I assume that this was an early withdrawal if you are under age 59 1/2. In this case there will be a 10% early withdrawal penalty assessed on your tax return and entered as a tax liability. You will need to upgrade to the Deluxe online edition for this tax liability.

To enter a form 1099-R -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

Level 15

Jun 5, 2019 11:23:33 PM

To enter a form 1099-R -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

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How do I put in info for my 401k??? I cashed out my account.