My only income is from 1099-R

[gmckenzie777]

My only income is from 1099-R I withdrew to pay bills.

Do I still file?

I do have an amount in block 2a, 4 and the code in block 7 is 1.

[xmasbaby0]

Yes----money you took from a retirement account is taxable income.

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.

[DoninGA]

Yes, you will have to file a tax return since you will owe a 10% early distribution penalty based on the information you posted.

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

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

[VolvoGirl · Accepted solution]

Even if you were not required to file you should file to get back the withholding in box 4.  But the withholding will probably cover the 10% Early Withdrawal Penalty.  Is the gross amount more or less than your Standard Deduction?

For 2024 the standard deduction amounts are:

Single 14,600+1,950 for 65 and over or blind

HOH 21,900 + 1,950 for 65 and over or blind

Joint 29,200 +  1,550 for each 65 and over or blind (both 32,300)

Married filing Separate 14,600 + 1,550 for 65 and over or blind

[gmckenzie777]

Yes it was more.

Thank you for your prompt reply.

I have always worked, and this was a rough health year for me, so I had no idea what to do!

I am so thankful for your assistance.  I hope you realize what a blessing you are!

[VolvoGirl]

Yes you owe tax on the amount over your Standard Deduction and the 10% Early Withdrawal Penalty if you are under 59 1/2.  Sorry you are having a rough time.