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Returning Member
posted Nov 16, 2022 10:48:39 AM

Where to put info?

Over 65, paid taxes on 401K withdrawl to pay off mortgage? Do I put these taxes on my form? If yes where?

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2 Replies
Level 15
Nov 16, 2022 10:52:07 AM

You will receive a 1099R for the money you took out of your retirement account.   Using the money to pay  off your mortgage is not relevant.

 

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.

Level 15
Nov 16, 2022 10:53:52 AM

You will receive a Form 1099-R from the 401(k) plan administrator in January of 2023.  The form is entered on your 2022 tax return.  The gross amount distributed is added to your other income and taxed at your current tax rate.  Federal taxes withheld are entered on your federal tax return as a tax payment.

 

The pension payment is entered on Form 1040 Line 5a and the taxable amount on Line 5b.  Federal taxes withheld are entered on Line 25b