401(k) Archives

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TurboTax 2022 Form 1040 – How to Record 401(k) Rollover to Traditional IRA

If a taxpayer decides to rollover their 401(k) plan to a Traditional IRA during the year, they will receive a Form 1099. The rollover should be recorded on the Form 1040 tax return.

Jason Knott2024-07-04T20:26:21+00:00Tags: 401(k), 401(k) Rollover, Form 1040, IRA Rollover, Retirement Contributions, Traditional IRA, TurboTax|

IRS Penalties on Early Withdrawals from IRA

Taxpayers can make contributions to tax favored retirement accounts including IRAs and 401(k) plans. If a taxpayer withdraws funds from their IRA's before retirement age, they must generally pay a penalty on the early withdrawal.

Jason Knott2024-07-12T10:40:49+00:00Tags: 401(k), Early Withdrawal, IRA, IRS Penalties, Retirement Accounts|

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