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mullinsdustin
New Member

I cashed out an IRA in 2017 and paid a 10% tax on the balance. Do I need to still file this on my return and what form do I need? Also will TurboTax make me have to pay to file now?

 
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KatrinaB
Intuit Alumni

I cashed out an IRA in 2017 and paid a 10% tax on the balance. Do I need to still file this on my return and what form do I need? Also will TurboTax make me have to pay to file now?

Yes. You will need to report your IRA distribution. You should receive Form 1099-R showing the amount you withdrew along with the taxes you've already paid. You will qualify to file with TurboTax Free Edition. 

You may owe more tax on this transaction if there was not enough already withheld. An IRA distribution is taxed as ordinary income and you could owe an additional 10% penalty if it's considered an early distribution (prior to age 591/2). 

Please view the TurboTax link below for more information about Form 1099-R

https://turbotax.intuit.com/tax-tips/retirement/when-to-use-tax-form-1099-r-distributions-from-pensi...


[Edited 01.22.2018 I 5:41 PM]

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KatrinaB
Intuit Alumni

I cashed out an IRA in 2017 and paid a 10% tax on the balance. Do I need to still file this on my return and what form do I need? Also will TurboTax make me have to pay to file now?

Yes. You will need to report your IRA distribution. You should receive Form 1099-R showing the amount you withdrew along with the taxes you've already paid. You will qualify to file with TurboTax Free Edition. 

You may owe more tax on this transaction if there was not enough already withheld. An IRA distribution is taxed as ordinary income and you could owe an additional 10% penalty if it's considered an early distribution (prior to age 591/2). 

Please view the TurboTax link below for more information about Form 1099-R

https://turbotax.intuit.com/tax-tips/retirement/when-to-use-tax-form-1099-r-distributions-from-pensi...


[Edited 01.22.2018 I 5:41 PM]

KatrinaB
Intuit Alumni

I cashed out an IRA in 2017 and paid a 10% tax on the balance. Do I need to still file this on my return and what form do I need? Also will TurboTax make me have to pay to file now?

I have edited the answer above.
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