turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I took funds out of a 401k for a down payment on a house. Not paying it back. Where in TT do I use the 1099R form?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

I took funds out of a 401k for a down payment on a house. Not paying it back. Where in TT do I use the 1099R form?

Enter a 1099R under
Federal Taxes on left
Wages & Income at the top
Then scroll way down to Retirement Plans and Social Security
Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start


Don't type the bank name or try to import it.
At the bottom pick - Change How I enter my Form
Then on the next screen pick - I'll Type it in Myself


Be sure to pick the right kind of 1099R on the 4 boxes. 1099R or CSA1099R or CSF1099R or RRB1099R
If you are filing a Joint return be sure to pick which person it is for.

 

I took funds out of a 401k for a down payment on a house. Not paying it back. Where in TT do I use the 1099R form?

There is no exception to the 10% early withdrawal penalty for a first time home purchase if the funds were distributed from a 401(k).  

 

Online editions -

Enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

On the screen Did you get a 1099-R in 2021? Click on Yes

On the next screen click on Continue

On the screen Let's import your tax info Click on Change how I enter my form

On the screen How do you want to add your 1099‑R? Click on Type it in myself

On the screen Who gave you a 1099-R? select the type of 1099-R you received and Continue

I took funds out of a 401k for a down payment on a house. Not paying it back. Where in TT do I use the 1099R form?

If you took money out of a 401k before you were 59 1/2, you will owe the 10% early withdrawal penalty as well as ordinary tax on the withdrawal.  Using money from a 401k for a down payment on a house is not an exception to the early withdrawal penalty.  Taking money from a traditional IRA for a down payment would have been different.   You will receive a 1099R in late January/early February for the distribution from the 401k, which must be entered on your tax return.

**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.**

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question