The company I was working for was closing by the end of 2019 and closed its 401k around November 2019 so I had to remove my funds. Do I get a discount on taxes?

[DoninGA · Accepted solution]

There is no exception to the early withdrawal penalty because the 401(k) account was closed.  You could have rolled over the 401(k) account to another tax deferred retirement account, such as an IRA within 60 days to avoid the penalty and adding the withdrawal amount to 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

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