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.

If I pulled out of my 401K form a job I had years ago do I need to report this on my taxes? Yes No

 
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

If I pulled out of my 401K form a job I had years ago do I need to report this on my taxes? Yes No

If you received a distribution from the 401(k) in 2023 then you will received a Form 1099-R from the plan administrator in January or early February.  The Form 1099-R is reported on your tax return.

 

To enter, edit or delete a form 1099-R -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

If I pulled out of my 401K form a job I had years ago do I need to report this on my taxes? Yes No

Because you did not pay taxes on the money when it was contributed (for a standard pre-tax 401k), everything is taxable when you withdraw it, both contributions and earnings.  If you are under age 59-1/2, you will also be subject to an additional 10% penalty for early withdrawal unless you qualify for one of the exceptions.

 

Note that the broker is not required to mail the 1099-R until January 31, so you might not receive it until early February.  It might also be available through your online account. 

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