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Asked 2/5/2008
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401K total distribution I cashed in my 401K in 2007. I did have federal & state taxes withheld from it. I have received a form 1099-R. Where or how do I file for this on my 1040? The form 1099-R looks just like a W-2. It shows the gross distribution, taxable amount, federal income tax withheld, & state tax withheld. |
Answer 1/1 - Submitted 1/31/2009
If you are filing it out yourself electronically it will ask you those questions. If you are having a pro do it for you, they will know what to do, but be prepared. The IRS nevers takes out enough to cover the taxes on it, you will probably have to pay in. File early and set up a payment plan with them if you need too.
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