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.

mark889
New Member

I worked for a company for a short amount of time. When I left, my 401k was disbursed to me. So what is my reason for withdrawal of the funds?

 
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.

2 Replies
MinhT1
Employee Tax Expert

I worked for a company for a short amount of time. When I left, my 401k was disbursed to me. So what is my reason for withdrawal of the funds?

This is a normal withdrawal, not a rollover or conversion.

 

The amount withdrawn is taxable, and if you are younger than 591/2, it's also subject to a 10% early withdrawal penalty.

 

The 10% penalty can be waived if you happen to have one of the exceptions listed in this IRS document.

 

In TurboTax Online, in the interview, which follows the entry of your form 1099-R, on the screen asking Tell us if you moved the money through a rollover or conversion, reply: I didn't rollover or convert this money.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

I worked for a company for a short amount of time. When I left, my 401k was disbursed to me. So what is my reason for withdrawal of the funds?

"left my employment" is not one of the exceptions.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question