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

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

js6
New Member

I was at a job for short time & chose to receive early distribution for full amt of 401k, is my "basis" the full amount of distribution? Fed & State taxes were taken out.

 
Connect with an expert
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 was at a job for short time & chose to receive early distribution for full amt of 401k, is my "basis" the full amount of distribution? Fed & State taxes were taken out.

Your basis is any after-tax dollars that you contributed to the plan.

Most people don't contribute after-tax dollars to retirement plans (although they could), so your basis is probably zero or none.

View solution in original post

1 Reply

I was at a job for short time & chose to receive early distribution for full amt of 401k, is my "basis" the full amount of distribution? Fed & State taxes were taken out.

Your basis is any after-tax dollars that you contributed to the plan.

Most people don't contribute after-tax dollars to retirement plans (although they could), so your basis is probably zero or none.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies