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I cashed out a retirement plan in 2017. For this years return when it asks me about it do I fill in the gross or taxable amount?

 
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3 Replies
JohnB5677
Employee Tax Expert

I cashed out a retirement plan in 2017. For this years return when it asks me about it do I fill in the gross or taxable amount?

If you cashed out a plan during tax year 2019 you should have received a FORM 1099-R for it.  If you do not have it, it may be available online, or you can contact the broker who handled it.  To pot a 1099-R to your tax return it will ask for both the Groo and Net values.

To post a 1099-R go top:

  1. Income
  2. I'll choose what I work on
  3. Scroll Down to Retirement Plans & Social Security
  4. Select IRA, 401(K), Pension Plans (1099-R)
  5. Yes you did receive a 1099-R
  6. At the bottom of the screen I'll type it myself
  7. You have FORM 1099-R

Complete the payer's information

Then complete all of the information by following the box numbers

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I cashed out a retirement plan in 2017. For this years return when it asks me about it do I fill in the gross or taxable amount?

No I did it in 2017, I filed it correctly in 2018. This year when it is asking me if I received any distribution I don’t know if I need to input the gross distribution, the taxable amount, or the taxes paid. 

JohnB5677
Employee Tax Expert

I cashed out a retirement plan in 2017. For this years return when it asks me about it do I fill in the gross or taxable amount?

I expect there was some kind of retirement activity in 2019 that ultimately generated the question.  Was this a ROTH, or did you have nondeductible contributions in your IRA.  In either of these cases it could be used to determine if a portion is taxable.

 

In any case, the Gross Distribution would be appropriate.

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