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Beck711
New Member

Wife 59 1/2 made 1 time withdrawal $5K from 401 account employer not take taxes checking box tax amount not determined turbo asking explanation of excess withdrawal.

 
1 Best answer

Accepted Solutions
MichaelL1
Level 15

Wife 59 1/2 made 1 time withdrawal $5K from 401 account employer not take taxes checking box tax amount not determined turbo asking explanation of excess withdrawal.

Ok if box 7 is listed, you will enter the 1099R exactly as entered.

The entire amount will be taxable income unless you made some nondeductible contributions (which would be very unusual if this is through an employer). 

Carefully go through the 1099R entry again and answer the questions that follow.

This should not be an excess withdrawal so something must be answered the wrong way. 

 To enter pension and annuity Payments (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

View solution in original post

3 Replies
MichaelL1
Level 15

Wife 59 1/2 made 1 time withdrawal $5K from 401 account employer not take taxes checking box tax amount not determined turbo asking explanation of excess withdrawal.

What code was in box 7?  No amount was listed in box 2a? and box 2b checked?  Traditional 401K correct? not Roth
Beck711
New Member

Wife 59 1/2 made 1 time withdrawal $5K from 401 account employer not take taxes checking box tax amount not determined turbo asking explanation of excess withdrawal.

7 was checked. It is traditional IRA but no amount indicated in Taxable amount box. [pii removed]
MichaelL1
Level 15

Wife 59 1/2 made 1 time withdrawal $5K from 401 account employer not take taxes checking box tax amount not determined turbo asking explanation of excess withdrawal.

Ok if box 7 is listed, you will enter the 1099R exactly as entered.

The entire amount will be taxable income unless you made some nondeductible contributions (which would be very unusual if this is through an employer). 

Carefully go through the 1099R entry again and answer the questions that follow.

This should not be an excess withdrawal so something must be answered the wrong way. 

 To enter pension and annuity Payments (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
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