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pparks68
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Will i need to add information about my 401K since I pulled my money out ?

 
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DianeW
Expert Alumni

Will i need to add information about my 401K since I pulled my money out ?

Yes.  Whether you are retirement age or below retirement age, a distribution from a 401(k) will be taxable.  The plan administrator or employer if applicable will send you a Form 1099R.  

If you transferred the amount to another retirement plan, that portion may be reported but should not be taxed.  If you are below retirement age (59 1/2) there may also be a premature distribution penalty, usually 10%.

  • Follow the instructions here to enter your information in TurboTax Free Edition:
    • My Account > Tools > Topic Search > Type 1099r > Go
    • Click the screenshots attached to enlarge and view for assistance.
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