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How should I classify a forced 401K distribution for leaving an employer? I had too low of a balance.

 
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2 Replies

How should I classify a forced 401K distribution for leaving an employer? I had too low of a balance.

You should have received a 1099-R to report the information. 

 

 

You'll get a Form 1099-R if you received $10 or more from a retirement plan. You're required to report a 1099-R on your tax return, even if the distribution isn't taxable.

You'll have the option in TurboTax to import or upload your 1099-R or manually enter the information yourself.

Note: If your TurboTax navigation looks different from what’s described here, learn more.

 

Here's where to enter your 1099-R in TurboTax:

 

  1. Open or continue your return.
  2. In the Federal section, select Wages & Income.
  3. Scroll to locate Retirement Plans and Social Security.
  4. Select Start or Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R).

You can also find the 1099-R section using Search. Open your return, enter 1099-r in the search bar, and select the Jump to 1099-r link.

DawnC
Expert Alumni

How should I classify a forced 401K distribution for leaving an employer? I had too low of a balance.

What code is in box 7?   Enter the 1099-R exactly how it appears.  Where do I enter a 1099-R?

 

Box 7 codes

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