turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I took an early disbursement from my 401K. The disbursement was not for any "qualifying" situation. So, should I enter anything in the "Other" box. If so, gross or net

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

I took an early disbursement from my 401K. The disbursement was not for any "qualifying" situation. So, should I enter anything in the "Other" box. If so, gross or net

No.  If you do not have a qualifying exception you do not enter anything.

Other is for these situations:

Other.   The following exceptions also apply.

  • Distributions incorrectly indicated as early distributions by code 1, J, or S in box 7 of Form 1099-R. Include on line 2 the amount you received when you were age 59½ or older.

  • Distributions from a section 457 plan, which are not from a rollover from a qualified retirement plan.

  • Distributions from a plan maintained by an employer if:

    1. You separated from service by March 1, 1986;

    2. As of March 1, 1986, your entire interest was in pay status under a written election that provides a specific schedule for the distribution of your entire interest; and

    3. The distribution is actually being made under the written election.

  • Distributions that are dividends paid with respect to stock described in section 404(k).

  • Distributions from annuity contracts to the extent that the distributions are allocable to the investment in the contract before August 14, 1982. For additional exceptions that apply to annuities, see Tax on Early Distributions under Special Additional Taxes in Pub. 575.

  • Distributions that are phased retirement annuity payments made to federal employees. See Pub. 721 for more information on the phased retirement program.


**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post

1 Reply

I took an early disbursement from my 401K. The disbursement was not for any "qualifying" situation. So, should I enter anything in the "Other" box. If so, gross or net

No.  If you do not have a qualifying exception you do not enter anything.

Other is for these situations:

Other.   The following exceptions also apply.

  • Distributions incorrectly indicated as early distributions by code 1, J, or S in box 7 of Form 1099-R. Include on line 2 the amount you received when you were age 59½ or older.

  • Distributions from a section 457 plan, which are not from a rollover from a qualified retirement plan.

  • Distributions from a plan maintained by an employer if:

    1. You separated from service by March 1, 1986;

    2. As of March 1, 1986, your entire interest was in pay status under a written election that provides a specific schedule for the distribution of your entire interest; and

    3. The distribution is actually being made under the written election.

  • Distributions that are dividends paid with respect to stock described in section 404(k).

  • Distributions from annuity contracts to the extent that the distributions are allocable to the investment in the contract before August 14, 1982. For additional exceptions that apply to annuities, see Tax on Early Distributions under Special Additional Taxes in Pub. 575.

  • Distributions that are phased retirement annuity payments made to federal employees. See Pub. 721 for more information on the phased retirement program.


**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies