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dbart63
New Member

1099-R

my daughter is a college student who had a part time job that she received a 1099-R for. doing her taxes I realize that her pay is considered an early withdrawal from a retirement account and subject to early withdrawal penalties, is this correct? will this reduce the amount of her return? she made next to nothing last year.

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2 Replies

1099-R

A 1099-R reports a distribution from a retirement account.    Pay from a job is reported on a W-2 or 1099-MISC.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

1099-R

How long ago did she cash out the retirement money?  She could have rolled it over to another account within  60 days.  If it has been more than that--and sounds like it has since this is March---then she will pay 10% early withdrawal penalty on it and ordinary income tax in her tax bracket--if she has to pay any tax for her "next to nothing" income.   Same thing happened to my college student niece whose taxes I prepare--but it ended up costing her about $22 which just reduced her refund amount.

 

She does have to enter the 1099R though-

Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

 

Try using Free File for her return so she does not have to pay for filing:

Try Free File: 

You qualify if your income was $36,000 or less, or $69,000 or less if active duty military, or if you qualify for Earned Income Credit

https://ttlc.intuit.com/questions/1900583-what-is-turbotax-free-file-program

If you switch to Free File you must create a new account and new user ID.

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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