401K withdrawal income classification

Tom C · ‎February 10, 2019

Are 401k withdrawals considered pension or IRA disributions. Turbo Tax is listing the withdrawals as Pensions Taxable as opposed to IRA Distibution taxable. Is that correct?

IsabellaG · ‎February 10, 2019

Yes, that is correct. A 401k is a qualified employer-sponsored retirement plan. It's not an Individual Retirement Plan. An IRA and a 401k are taxed much the same way, but they are different types of plans. In the end, both types of distributions will end up on line 4b of your 2018 Form 1040.

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IsabellaG · ‎February 10, 2019

Yes, that is correct. A 401k is a qualified employer-sponsored retirement plan. It's not an Individual Retirement Plan. An IRA and a 401k are taxed much the same way, but they are different types of plans. In the end, both types of distributions will end up on line 4b of your 2018 Form 1040.

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Tom C · ‎February 10, 2019

thank you

Tfort222 · ‎October 14, 2019

Where do i put a 1099r at please help

xmasbaby0 · ‎October 14, 2019

@Tfort222

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

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401K withdrawal income classification