You'll need to sign in or create an account to connect with an expert.
You should get a 1099R for it. The tax that was withheld was just an estimate. You need to enter the full amount on your tax return with all your other income. Then the tax is calculated. Then all the withholding is subtracted leaving you with a refund or tax due. Yes there is a 10% early withdrawal penalty if you are under 59 1/2 unless you have one of the exceptions or you rolled in to an IRA within 60 days.
How do you know you have to pay more tax if you haven't entered it from the 1099R yet?
Enter a 1099R under
Federal Taxes on left
Wages & Income at the top
Then scroll way down to Retirement Plans and Social Security
Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start
Don't type the bank name or try to import it.
At the bottom pick - Change How I enter my Form
Then on the next screen pick - I'll Type it in Myself
Be sure to pick the right kind of 1099R on the 4 boxes. 1099R or CSA1099R or CSF1099R or RRB1099R
If you are filing a Joint return be sure to pick which person it is for.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
remohoson
New Member
dcg59
Level 1
mjmahoney223
Level 1
DesertDenizen
New Member
kdunc
New Member