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cj102800
New Member

I took money out of my 401K plan last year, but Turbo Tax said I did not take out money and there would be no taxes owed.

 
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xmasbaby0
Level 15

I took money out of my 401K plan last year, but Turbo Tax said I did not take out money and there would be no taxes owed.

Did you enter a 1099R for the distribution from your 401k?

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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2 Replies
Marketstar
Level 7

I took money out of my 401K plan last year, but Turbo Tax said I did not take out money and there would be no taxes owed.

Did you take out a loan? If not, did you get a 1099-R tax statement?
xmasbaby0
Level 15

I took money out of my 401K plan last year, but Turbo Tax said I did not take out money and there would be no taxes owed.

Did you enter a 1099R for the distribution from your 401k?

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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