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Do I have to pay taxes on retirement funds?

SOLVEDby TurboTaxUpdated 4 weeks ago

Whether you enjoyed some of your hard-earned retirement income during the tax year or you took an early withdrawal from retirement funds, you'll need to report that money as income on your tax return. Retirement income includes withdrawals from pensions, annuities, 401(k), and IRA accounts, to name a few. Your fund or financial institution will issue a Form 1099-R, which we’ll use to report your retirement income. Tax rates and any penalties for early withdrawal will vary depending on the fund. And if you’re over 65, you may qualify for certain tax credits.

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