QUESTION:
Can solo 401k distributions taken by seniors be reported on Form 1040-SR?
ANSWER:
Yes, beginning in 2019. In the past, individuals had to report certain types of income (including IRA and employer solo 401k plan distributions) on the more complex Form 1040, U.S. Income Tax Return, or Form 1040A, U.S. Income Tax Return. Individuals age 65 and older may now use the simpler Form 1040-SR to report income such as capital gains and losses, interest or dividends, distributions from solo 401k retirement plans, and Social Security benefits.
| IF YOU… | THEN USE |
|---|---|
| Have additional income, such as unemployment compensation, prize or award money, gambling winnings. Have any deductions to claim, such as student loan interest deduction, self-employment tax, educator expenses. | Schedule 1PDF |
| Owe other taxes, such as self-employment tax, household employment taxes, additional tax on IRAs or other qualified retirement plans and tax-favored accounts, AMT, or need to make an excess advance premium tax credit repayment. | Schedule 2PDF |
| Can claim any credit that you didn’t claim on Form 1040 or 1040-SR, such as the foreign tax credit, education credits, general business credit. Have other payments, such as an amount paid with a request for an extension to file or excess social security tax withheld. | Schedule 3 PDF |
