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New Member
posted Jan 31, 2020 6:26:01 AM

I made a withdraw from my 401K and now I need a 1099-R to complete my taxes. I already had federal tax taken out of the amount they sent. What do I do now?

Who sends out these 1099-R forms? When do they come?

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1 Replies
Level 15
Jan 31, 2020 6:30:01 AM

Your 1099R should arrive almost any time now--they typically arrive in late January/early February.  It will come from the custodian of the retirement account.

You had tax withheld, just like you have tax withheld from a paycheck. The 1099R must be entered on your tax return, and TT will calculate your overall tax liability to show your tax due or refund.  If this was a withdrawal before you turned 59 1/2 you have a 10% early withdrawal penalty in addition to ordinary income 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.