View Full Version : Early 401 k and then put most back into an IRA.
cookies25
Feb 3, 2008, 11:33 AM
Where I had my 401 k, sent me all the money I had in there... A month later I put most of it back in an IRA. How do I do this on my taxes? I know I have to pay a 10% tax penalty.. How do I do this.. Im doing my own taxes online. Help me, Please.
ScottGem
Feb 3, 2008, 11:42 AM
You may not want to do this online. The 401K issues may be more complex for using an online form.
You have to enter the amount of the distribution as listed on your 1099. You then list the amount you rolled over, but I'm not sure where, especially on an online form. You will pay the penalty and taxes on the difference.
AtlantaTaxExpert
Feb 4, 2008, 11:59 AM
If you are not sure how to properly report this, then go out and get professional tax help.
This is something that will cause you endless problems if it is not handled properly.