Thank you for helping us. What will I need to report on my taxes as I have cashed out my 401K to pay off my mortage?

[AnthonyC_CPA]

Hi SafeKitty,

  Thank you for reaching out to Intuit's TurboTax Ask the Expert Event.  If you withdrew money from your 401K plan you will receive a 1099R from the custodian where the 401K was held.  You will need to include this information when you are preparing your tax return.  If the money was in a traditional 401K and not a Roth 401K, the amount that you withdrew would get added to your income for the year.  Also, if you are younger than 59 1/2 years old you may have to pay a 10% penalty for withdrawing money from your 401K plan.

  Please let us know if you have additional questions.  Have a great day!

AnthonyC_CPA