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    theblkspdr21's Avatar
    theblkspdr21 Posts: 1, Reputation: 1
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    #1

    Feb 23, 2010, 09:34 PM
    Where do I claim a 401k distribution
    Does a 401k distribution get claimed under your wages or somewhere else. I closed my 401k early in 2009 and received a total dispursement, they took taxes from the dispursement before they paid me. How does the money I received get reported on my taxes?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Feb 24, 2010, 12:51 AM

    In lines 16a and 16b of your 1040. You will also need to enter the 10% penalty on Line 30 (I think)
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Feb 24, 2010, 07:20 AM

    Enter the amount of the withdrawal on line 16 (“Pensions and Annuities”) of your 1040. If any part of the withdrawal is due to after-tax money that you invested, this will reduce the taxable portion. If you are under age 55 and this does not qualify for one of the exceptions from the 10% early withdrawal penalty, enter 10% of the withdrawal amount on line 58 (“Additional tax on IRAs, other qualified retirement plans, etc.). You show taxes already withheld from the withdrawal on line 62 (“Federal income tax withheld from Forms W-2 and 1099”).
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