I cashed in my 401k $30,000 I ended up with $19644 do i still have to pay more tax time.

sewardteri-1 — Thu, 06 Jun 2019 09:23:33 GMT

need to find out where to get 401k papers I took my 401k out they took outs $30,000i received $19,644 how do I clamiit no papers on it where do I find out at not working for that company

You will have a 1099R on the distribution and will get cr...

MichaelL1 — Thu, 06 Jun 2019 09:23:35 GMT

You will have a 1099R on the distribution and will get credit for the taxes paid when you got the distribution.

Reporting the income on the distribution is somewhat similar to wage income where it is reported on the return and then you get credit for taxes taken out during the year.

Will you have to pay additional taxes when the 1099R is entered? The only way to know for sure is to enter it in TurboTax.

If it is an early distribution there is a 10% penalty that is part of the return.

There is also ordinary income tax on the total amount of $30,000 this is taxed depending on the income tax bracket you are in.

To enter pension and annuity Payments (1099-R)

Click on Federal Taxes
Click on Wages and Income
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

topic I cashed in my 401k $30,000 I ended up with $19644 do i still have to pay more tax time. in Retirement tax questions

I cashed in my 401k $30,000 I ended up with $19644 do i still have to pay more tax time.

You will have a 1099R on the distribution and will get cr...