Solved: I took 2500 out of my retirement fund. Do I put that down somewhere?
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l_hanifen07
New Member

I took 2500 out of my retirement fund. Do I put that down somewhere?

 
1 Best answer

Accepted Solutions
KatrinaB
Intuit Alumni

I took 2500 out of my retirement fund. Do I put that down somewhere?

It depends. 

If this was a loan that you will be required to pay back then no. You don't have anything to report. The only way this type of transaction will be reported is if you get behind on the payments. Then it will be counted as a distribution instead of a loan.

If this was a distribution and you just withdrew the money or closed out your account then yes. In this case, you should receive a Form 1099-R to report the withdrawal. If you have Form 1099-R then follow the directions in the TurboTax FAQ below to enter your retirement distribution.

https://ttlc.intuit.com/replies/4194737

If you haven't received your Form 1099-R by February 15, you can report the distribution by creating a substitute 1099-R. However, you should first try to get a copy by contacting the financial institution.

1. Type enter 1099-R income in the search box (top left side of screen)

2. On the next screen select yes, "You did receive 1099-R income".

3. When you get to the screen titled "select your bank or brokerage", select continue without entering anything.

4. On the next screen, select "I need to prepare a Substitute 1099-R".

5. Follow the directions and answer the questions to report this income. 

View solution in original post

1 Reply
KatrinaB
Intuit Alumni

I took 2500 out of my retirement fund. Do I put that down somewhere?

It depends. 

If this was a loan that you will be required to pay back then no. You don't have anything to report. The only way this type of transaction will be reported is if you get behind on the payments. Then it will be counted as a distribution instead of a loan.

If this was a distribution and you just withdrew the money or closed out your account then yes. In this case, you should receive a Form 1099-R to report the withdrawal. If you have Form 1099-R then follow the directions in the TurboTax FAQ below to enter your retirement distribution.

https://ttlc.intuit.com/replies/4194737

If you haven't received your Form 1099-R by February 15, you can report the distribution by creating a substitute 1099-R. However, you should first try to get a copy by contacting the financial institution.

1. Type enter 1099-R income in the search box (top left side of screen)

2. On the next screen select yes, "You did receive 1099-R income".

3. When you get to the screen titled "select your bank or brokerage", select continue without entering anything.

4. On the next screen, select "I need to prepare a Substitute 1099-R".

5. Follow the directions and answer the questions to report this income. 

View solution in original post

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