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shvixen
New Member

I paid taxes already on my early widrawl from my 401k

Where can I input this information to not pay double the taxes?
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I paid taxes already on my early widrawl from my 401k

You had ESTIMATED taxes withheld. Actual taxes can't be determined until 1099-R proceeds are added to your other income. Higher total income = higher tax rates. Input the 1099-R from your 401k as printed, and you'll pay correct tax - including 10% penalty tax for early withdrawal in most cases ...

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I paid taxes already on my early widrawl from my 401k

You had ESTIMATED taxes withheld. Actual taxes can't be determined until 1099-R proceeds are added to your other income. Higher total income = higher tax rates. Input the 1099-R from your 401k as printed, and you'll pay correct tax - including 10% penalty tax for early withdrawal in most cases ...
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