i did a withdrawal on my 401 k to pay off credit card bills. is there a deduction or credit for me to get on my current return?

zhalin deshea · ‎March 16, 2025

per title (this is from a cx)

xmasbaby0

No. If you are younger than 59 1/2 there is a 10% early withdrawal penalty and ordinary income tax on the money you took out of the 401k. You will need to enter your 1099R and the software will calculate the tax.

To enter your retirement income, Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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i did a withdrawal on my 401 k to pay off credit card bills. is there a deduction or credit for me to get on my current return?