topic Do I trash 401k sec & start over (can't find page where one makes choice: ending job and/or retiring (I picked the 1st but now think I should have picked 2nd as well)? in Retirement tax questions

Do I trash 401k sec & start over (can't find page where one makes choice: ending job and/or retiring (I picked the 1st but now think I should have picked 2nd as well)?

joyttw20 — Wed, 11 Feb 2026 03:47:08 GMT

Re: Do I trash 401k sec & start over (can't find page where one makes choice: ending job and/or retiring (I picked the 1st but now think I should have picked 2nd as well)?

VolvoGirl — Sun, 11 Feb 2024 22:42:24 GMT

Those beginning questions aren't needed. They just help the program to ask you questions later. You just need to enter any W2 and 1099 you get. You don't report that you retired anywhere on your tax return. Did you get Social Security too? You just enter all your income.

Re: Do I trash 401k sec & start over (can't find page where one makes choice: ending job and/or r...

RobertB4444 — Wed, 14 Feb 2024 22:43:11 GMT

As @VolvoGirl says you don't need to tell the system that you are retiring. The way that you will inform the IRS that you have retired is that you will stop receiving a W2 and start receiving a 1099-R with withdrawals from your 401k. Until you start receiving that 1099-R you don't have anything to report.

Once you do receive the 1099-R you'll enter it into the 'Retirement Plans and Social Security' section under 'Wages and Income' on your federal return. It is entered just like you entered your W2 before, where you can copy the information into the system or you can import the form directly from the financial institution managing your 401K.

Happy retirement!

@joyttw20