turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

esmckay
New Member

I cashed out a 401k last year. How do I report that?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

I cashed out a 401k last year. How do I report that?

You should have...or should soon get (in the next couple weeks) a 1099-R for that distribution.

 

You'll enter that 1099-R on the Wages&Income page, down in the retirement income section.  IF you rolled the $$ into an IRA within 60 days of the distribution, you'll have followup questions, after the main form entry, where you indicate that.  IF you didn't, then it's all taxable, and subject to a 10% penalty if you were under age 59.5. 

 

 Any tax  withholding done will be shown on the 1099-R form, and is entered with the main software form, but it might only partially cover what taxes you owe on teh distribution....depends on what other income you had alll year.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question