topic Re: Early 401K withdrawal in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/re-early-401k-withdrawal/01/1104991#M85525 <P>Since you took your distribution in 2020, in early 2021 you will receive a Form 1099-R reporting the distribution and the taxes that were withheld.&nbsp; You will include this on your 2020 tax return.&nbsp; You do not <EM>need </EM>to send any extra checks to either the IRS or NY state specifically to cover the early distribution penalty.&nbsp; It will be reconciled on your 2020 tax return, with no additional penalties.</P> <P>&nbsp;</P> <P>However, you could consider sending an estimated payment to the IRS and/or to your state in order to pre-pay the additional taxes that you expect as a result of your early distribution.</P> <P>&nbsp;</P> <P>As you are working through your 2019 tax return, TurboTax can help you calculate estimated payments.&nbsp; There is a section in the Federal return and also in the NY state return.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>Here is an article to get you started for the Federal side.&nbsp;&nbsp;<A href="https://ttlc.intuit.com/community/printing/help/how-do-i-print-estimated-tax-vouchers-for-my-taxes/00/25919" target="_blank">How do I print estimated tax vouchers for my 2020 taxes?</A></P> <P>&nbsp;</P> <P>As you go through your state, there will be a question toward the end of the process to ask if you want to make estimated payments.&nbsp; Say Yes, and TurboTax will walk you through, including giving you information about where to mail the payments.</P> Fri, 07 Feb 2020 14:08:55 GMT AnnetteB6 2020-02-07T14:08:55Z Early 401K withdrawal https://ttlc.intuit.com/community/retirement/discussion/early-401k-withdrawal/01/1104917#M85520 <P>I recently withdrew early on my 401K account.</P><P>&nbsp;</P><P>I saw that they withheld for Federal tax purposes.&nbsp; However, I do not see any amounts for the 10% penalty and State withholding.</P><P>&nbsp;</P><P>How do I go about paying the Federal 10% penalty?&nbsp; Do I send them a check or do I pay when I file my 2020 taxes?&nbsp; If I wait to pay the 10% when I file my 2020 taxes, do I incur any late payment penalties?</P><P>&nbsp;</P><P>In regards to New York State and New York City taxes, how do I pay the taxes associated with my early withdrawal?&nbsp; Do I send them a check now and if so, can someone share with me a link that explains to me where to send the check?</P> Fri, 07 Feb 2020 13:47:25 GMT https://ttlc.intuit.com/community/retirement/discussion/early-401k-withdrawal/01/1104917#M85520 dannypark22 2020-02-07T13:47:25Z Re: Early 401K withdrawal https://ttlc.intuit.com/community/retirement/discussion/re-early-401k-withdrawal/01/1104991#M85525 <P>Since you took your distribution in 2020, in early 2021 you will receive a Form 1099-R reporting the distribution and the taxes that were withheld.&nbsp; You will include this on your 2020 tax return.&nbsp; You do not <EM>need </EM>to send any extra checks to either the IRS or NY state specifically to cover the early distribution penalty.&nbsp; It will be reconciled on your 2020 tax return, with no additional penalties.</P> <P>&nbsp;</P> <P>However, you could consider sending an estimated payment to the IRS and/or to your state in order to pre-pay the additional taxes that you expect as a result of your early distribution.</P> <P>&nbsp;</P> <P>As you are working through your 2019 tax return, TurboTax can help you calculate estimated payments.&nbsp; There is a section in the Federal return and also in the NY state return.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>Here is an article to get you started for the Federal side.&nbsp;&nbsp;<A href="https://ttlc.intuit.com/community/printing/help/how-do-i-print-estimated-tax-vouchers-for-my-taxes/00/25919" target="_blank">How do I print estimated tax vouchers for my 2020 taxes?</A></P> <P>&nbsp;</P> <P>As you go through your state, there will be a question toward the end of the process to ask if you want to make estimated payments.&nbsp; Say Yes, and TurboTax will walk you through, including giving you information about where to mail the payments.</P> Fri, 07 Feb 2020 14:08:55 GMT https://ttlc.intuit.com/community/retirement/discussion/re-early-401k-withdrawal/01/1104991#M85525 AnnetteB6 2020-02-07T14:08:55Z
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<P>Since you took your distribution in 2020, in early 2021 you will receive a Form 1099-R reporting the distribution and the taxes that were withheld.&nbsp; You will include this on your 2020 tax return.&nbsp; You do not <EM>need </EM>to send any extra checks to either the IRS or NY state specifically to cover the early distribution penalty.&nbsp; It will be reconciled on your 2020 tax return, with no additional penalties.</P> <P>&nbsp;</P> <P>However, you could consider sending an estimated payment to the IRS and/or to your state in order to pre-pay the additional taxes that you expect as a result of your early distribution.</P> <P>&nbsp;</P> <P>As you are working through your 2019 tax return, TurboTax can help you calculate estimated payments.&nbsp; There is a section in the Federal return and also in the NY state return.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>Here is an article to get you started for the Federal side.&nbsp;&nbsp;<A href="https://ttlc.intuit.com/community/printing/help/how-do-i-print-estimated-tax-vouchers-for-my-taxes/00/25919" target="_blank">How do I print estimated tax vouchers for my 2020 taxes?</A></P> <P>&nbsp;</P> <P>As you go through your state, there will be a question toward the end of the process to ask if you want to make estimated payments.&nbsp; Say Yes, and TurboTax will walk you through, including giving you information about where to mail the payments.</P>
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<P>I recently withdrew early on my 401K account.</P><P>&nbsp;</P><P>I saw that they withheld for Federal tax purposes.&nbsp; However, I do not see any amounts for the 10% penalty and State withholding.</P><P>&nbsp;</P><P>How do I go about paying the Federal 10% penalty?&nbsp; Do I send them a check or do I pay when I file my 2020 taxes?&nbsp; If I wait to pay the 10% when I file my 2020 taxes, do I incur any late payment penalties?</P><P>&nbsp;</P><P>In regards to New York State and New York City taxes, how do I pay the taxes associated with my early withdrawal?&nbsp; Do I send them a check now and if so, can someone share with me a link that explains to me where to send the check?</P>
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https://ttlc.intuit.com/community/retirement/discussion/re-early-401k-withdrawal/01/1104991#M85525
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<P>Since you took your distribution in 2020, in early 2021 you will receive a Form 1099-R reporting the distribution and the taxes that were withheld.&nbsp; You will include this on your 2020 tax return.&nbsp; You do not <EM>need </EM>to send any extra checks to either the IRS or NY state specifically to cover the early distribution penalty.&nbsp; It will be reconciled on your 2020 tax return, with no additional penalties.</P> <P>&nbsp;</P> <P>However, you could consider sending an estimated payment to the IRS and/or to your state in order to pre-pay the additional taxes that you expect as a result of your early distribution.</P> <P>&nbsp;</P> <P>As you are working through your 2019 tax return, TurboTax can help you calculate estimated payments.&nbsp; There is a section in the Federal return and also in the NY state return.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>Here is an article to get you started for the Federal side.&nbsp;&nbsp;<A href="https://ttlc.intuit.com/community/printing/help/how-do-i-print-estimated-tax-vouchers-for-my-taxes/00/25919" target="_blank">How do I print estimated tax vouchers for my 2020 taxes?</A></P> <P>&nbsp;</P> <P>As you go through your state, there will be a question toward the end of the process to ask if you want to make estimated payments.&nbsp; Say Yes, and TurboTax will walk you through, including giving you information about where to mail the payments.</P>
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