Which turbo tax program do I use for 401K withdraw?

Forum|Forum|7 years ago
June 1, 2019
6 replies
26 views

No text available

TurboTax Deluxe Online

Anonymous

When you are needing to enter you form 1099-R for your 401k withdrawal, you can begin in any program and the software will let you know that you need to upgrade. Please see the below for more information on where to enter this information:

Where do I enter my 1099-R?

https://ttlc.intuit.com/replies/4194737

Wgmcdonald

Level 2

I understand that my Turbo Tax will let me know if I need to upgrade. If I open my deluxe version and then find out I need to upgrade do I upgrade through the program or will I need to buy the upgrade Verizon as well?. Also how much is the cost to upgrade?.

Wgmcdonald

Level 2

I just bought a Turbo Tax deluxe and it looks like it does not support my 401k withdrawals. Is this true or should I return it and get the upgrade?.

DoninGA

Level 15

@Wgmcdonald wrote:

I just bought a Turbo Tax deluxe and it looks like it does not support my 401k withdrawals. Is this true or should I return it and get the upgrade?.

The TurboTax Deluxe edition most certainly does support entry of a Form 1099-R for a withdrawal from a 401(k).

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

Strider

Level 2

I received my 1099-R that includes my IRA withdrawal (and the withheld tax). I repaid approximately 50% of the withdrawal 50 days after the withdrawal. Is the 1099-R suppose to include the amount of the repayment? Or does the Turbo tax program allow me to reduce the amount of the withdrawal with the amount I paid back wihin the program's work flow?