topic Re: Closed 401K in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/re-closed-401k/01/985691#M79629 <P>You will receive a Form 1099-R from the 401(k) plan administrator during the month of January.&nbsp; You enter the Form 1099-R on your federal tax return as received.&nbsp; &nbsp;The taxable amount of the withdrawal is entered on your tax return as ordinary income.&nbsp; Any federal taxes withheld from the withdrawal is entered on your tax return as a tax payment.&nbsp; If your total tax payments on your tax return are greater than your total tax liability then you will receive a tax refund for the overpayment.&nbsp; If the total tax payments are less than your total tax liability you will have taxes owed.</P> <P>&nbsp;</P> <P><STRONG>To enter, edit or delete a form 1099-R -</STRONG></P> <UL> <LI>Click on Federal Taxes (Personal using Home and Business)</LI> <LI>Click on Wages and Income (Personal Income using Home and Business)</LI> <LI>Click on I'll choose what I work on (if shown)</LI> <LI>Scroll down to Retirement Plans and Social Security</LI> <LI>On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button</LI> </UL> <P>Or enter <STRONG>1099-r</STRONG> in the <U>Search</U> box located in the upper right of the program screen. Click on <STRONG>Jump to 1099-R</STRONG></P> <P>&nbsp;</P> <P><STRONG>For the gifts given -</STRONG></P> <P>If the amount of the gift given to any one individual is over $15,000 then you will be required to file an IRS Form 709 to report the gift given.&nbsp; There will not be any taxes owed on the gift as long as your total of all gifts ever given is less than $11.4 million.</P> <P>TurobTax does not support Form 709</P> <P>IRS website for Form 709 -&nbsp;<A href="https://www.irs.gov/forms-pubs/about-form-709" target="_blank">https://www.irs.gov/forms-pubs/about-form-709</A></P> Thu, 16 Jan 2020 15:20:38 GMT DoninGA 2020-01-16T15:20:38Z Closed 401K https://ttlc.intuit.com/community/retirement/discussion/closed-401k/01/985673#M79627 <P>I am 77 years old and I closed my 401K. The money from the 401K I gave to my grandchildren for education. Must I pay tax on what I took out?</P> Thu, 16 Jan 2020 15:11:21 GMT https://ttlc.intuit.com/community/retirement/discussion/closed-401k/01/985673#M79627 Bill747 2020-01-16T15:11:21Z Re: Closed 401K https://ttlc.intuit.com/community/retirement/discussion/re-closed-401k/01/985680#M79628 <P>Yes.&nbsp; You will receive a 1099R for the money you took out of the 401k which must be entered on your tax return.&nbsp; That you gave it as gifts to your grandchildren is not relevant.&nbsp; &nbsp;Gifts to individuals are not deductible.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>&nbsp;</P> <P>&nbsp;</P> <P class="p1"><SPAN class="s1">To enter your retirement income, Go to<SPAN class="Apple-converted-space">&nbsp; </SPAN>Federal&gt; Wages and Income&gt;Retirement Plans and Social Security&gt;IRA<SPAN class="Apple-converted-space">&nbsp; </SPAN>401 k) Pension Plan Withdrawals to enter your </SPAN><SPAN class="s2"><STRONG>1099R.</STRONG></SPAN></P> Thu, 16 Jan 2020 15:14:30 GMT https://ttlc.intuit.com/community/retirement/discussion/re-closed-401k/01/985680#M79628 xmasbaby0 2020-01-16T15:14:30Z Re: Closed 401K https://ttlc.intuit.com/community/retirement/discussion/re-closed-401k/01/985691#M79629 <P>You will receive a Form 1099-R from the 401(k) plan administrator during the month of January.&nbsp; You enter the Form 1099-R on your federal tax return as received.&nbsp; &nbsp;The taxable amount of the withdrawal is entered on your tax return as ordinary income.&nbsp; Any federal taxes withheld from the withdrawal is entered on your tax return as a tax payment.&nbsp; If your total tax payments on your tax return are greater than your total tax liability then you will receive a tax refund for the overpayment.&nbsp; If the total tax payments are less than your total tax liability you will have taxes owed.</P> <P>&nbsp;</P> <P><STRONG>To enter, edit or delete a form 1099-R -</STRONG></P> <UL> <LI>Click on Federal Taxes (Personal using Home and Business)</LI> <LI>Click on Wages and Income (Personal Income using Home and Business)</LI> <LI>Click on I'll choose what I work on (if shown)</LI> <LI>Scroll down to Retirement Plans and Social Security</LI> <LI>On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button</LI> </UL> <P>Or enter <STRONG>1099-r</STRONG> in the <U>Search</U> box located in the upper right of the program screen. Click on <STRONG>Jump to 1099-R</STRONG></P> <P>&nbsp;</P> <P><STRONG>For the gifts given -</STRONG></P> <P>If the amount of the gift given to any one individual is over $15,000 then you will be required to file an IRS Form 709 to report the gift given.&nbsp; There will not be any taxes owed on the gift as long as your total of all gifts ever given is less than $11.4 million.</P> <P>TurobTax does not support Form 709</P> <P>IRS website for Form 709 -&nbsp;<A href="https://www.irs.gov/forms-pubs/about-form-709" target="_blank">https://www.irs.gov/forms-pubs/about-form-709</A></P> Thu, 16 Jan 2020 15:20:38 GMT https://ttlc.intuit.com/community/retirement/discussion/re-closed-401k/01/985691#M79629 DoninGA 2020-01-16T15:20:38Z
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<title>topic Re: Closed 401K in Retirement tax questions</title>
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https://ttlc.intuit.com/community/retirement/discussion/re-closed-401k/01/985691#M79629
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<P>You will receive a Form 1099-R from the 401(k) plan administrator during the month of January.&nbsp; You enter the Form 1099-R on your federal tax return as received.&nbsp; &nbsp;The taxable amount of the withdrawal is entered on your tax return as ordinary income.&nbsp; Any federal taxes withheld from the withdrawal is entered on your tax return as a tax payment.&nbsp; If your total tax payments on your tax return are greater than your total tax liability then you will receive a tax refund for the overpayment.&nbsp; If the total tax payments are less than your total tax liability you will have taxes owed.</P> <P>&nbsp;</P> <P><STRONG>To enter, edit or delete a form 1099-R -</STRONG></P> <UL> <LI>Click on Federal Taxes (Personal using Home and Business)</LI> <LI>Click on Wages and Income (Personal Income using Home and Business)</LI> <LI>Click on I'll choose what I work on (if shown)</LI> <LI>Scroll down to Retirement Plans and Social Security</LI> <LI>On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button</LI> </UL> <P>Or enter <STRONG>1099-r</STRONG> in the <U>Search</U> box located in the upper right of the program screen. Click on <STRONG>Jump to 1099-R</STRONG></P> <P>&nbsp;</P> <P><STRONG>For the gifts given -</STRONG></P> <P>If the amount of the gift given to any one individual is over $15,000 then you will be required to file an IRS Form 709 to report the gift given.&nbsp; There will not be any taxes owed on the gift as long as your total of all gifts ever given is less than $11.4 million.</P> <P>TurobTax does not support Form 709</P> <P>IRS website for Form 709 -&nbsp;<A href="https://www.irs.gov/forms-pubs/about-form-709" target="_blank">https://www.irs.gov/forms-pubs/about-form-709</A></P>
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<P>I am 77 years old and I closed my 401K. The money from the 401K I gave to my grandchildren for education. Must I pay tax on what I took out?</P>
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<pubDate>Thu, 16 Jan 2020 15:11:21 GMT</pubDate>
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<P>Yes.&nbsp; You will receive a 1099R for the money you took out of the 401k which must be entered on your tax return.&nbsp; That you gave it as gifts to your grandchildren is not relevant.&nbsp; &nbsp;Gifts to individuals are not deductible.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>&nbsp;</P> <P>&nbsp;</P> <P class="p1"><SPAN class="s1">To enter your retirement income, Go to<SPAN class="Apple-converted-space">&nbsp; </SPAN>Federal&gt; Wages and Income&gt;Retirement Plans and Social Security&gt;IRA<SPAN class="Apple-converted-space">&nbsp; </SPAN>401 k) Pension Plan Withdrawals to enter your </SPAN><SPAN class="s2"><STRONG>1099R.</STRONG></SPAN></P>
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<title>Re: Closed 401K</title>
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https://ttlc.intuit.com/community/retirement/discussion/re-closed-401k/01/985691#M79629
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<P>You will receive a Form 1099-R from the 401(k) plan administrator during the month of January.&nbsp; You enter the Form 1099-R on your federal tax return as received.&nbsp; &nbsp;The taxable amount of the withdrawal is entered on your tax return as ordinary income.&nbsp; Any federal taxes withheld from the withdrawal is entered on your tax return as a tax payment.&nbsp; If your total tax payments on your tax return are greater than your total tax liability then you will receive a tax refund for the overpayment.&nbsp; If the total tax payments are less than your total tax liability you will have taxes owed.</P> <P>&nbsp;</P> <P><STRONG>To enter, edit or delete a form 1099-R -</STRONG></P> <UL> <LI>Click on Federal Taxes (Personal using Home and Business)</LI> <LI>Click on Wages and Income (Personal Income using Home and Business)</LI> <LI>Click on I'll choose what I work on (if shown)</LI> <LI>Scroll down to Retirement Plans and Social Security</LI> <LI>On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button</LI> </UL> <P>Or enter <STRONG>1099-r</STRONG> in the <U>Search</U> box located in the upper right of the program screen. Click on <STRONG>Jump to 1099-R</STRONG></P> <P>&nbsp;</P> <P><STRONG>For the gifts given -</STRONG></P> <P>If the amount of the gift given to any one individual is over $15,000 then you will be required to file an IRS Form 709 to report the gift given.&nbsp; There will not be any taxes owed on the gift as long as your total of all gifts ever given is less than $11.4 million.</P> <P>TurobTax does not support Form 709</P> <P>IRS website for Form 709 -&nbsp;<A href="https://www.irs.gov/forms-pubs/about-form-709" target="_blank">https://www.irs.gov/forms-pubs/about-form-709</A></P>
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