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I paid a tax for an early withdrawal of a 401k in 2015.I'm being asked if I distributions from a retirement plan after 2014. Do I need to enter the 401k amount again?

Turbotax asks "Did you receive any distributions from a retirement plan after 2014?" I'm asking if I need to report the amount from when I had an early 401k withdrawal from 2015 for this year's taxes in 2017 even though I already reported and paid tax for it 2 years ago.

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1 Reply
dmertz
Level 15

I paid a tax for an early withdrawal of a 401k in 2015.I'm being asked if I distributions from a retirement plan after 2014. Do I need to enter the 401k amount again?

Yes, you must enter the amount of the 2015 401(k) distribution.  TurboTax uses this information in determining the amount of any Retirement Savings Contributions Credit you might be eligible for, not for determining current-year taxable income.  You must reenter it because TurboTax has no way (and no other reason) to remember distributions from one year to the next.

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