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Old 03-16-2016, 04:12 AM   #1
tae111
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General rule for 401k distributation

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I'm 62. I took a distribution from my 401k last year. It was a pre tax 401k with no contributions from my company. When I reported it on my federal return I selected General rule. The state form is asking me for Contributions made to the plan(Basis) and Expected returns on contract. I am thinking they are asking me for all the contributions I made over the 20 plus years I was in it. It also seems to be asking me how much it will earn as long as I will own it. The first I have no way of knowing as Prudential doesn't show this on my account web page and the second part would be like predicting the stock market. Where can I get these figures?
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Old 03-24-2016, 02:26 PM   #2
tae111
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I contacted the help line at TurboTax and the tax advisor said that even though the Federal form says to select the General rule if your employer didn't contribute to the plan in this case it is wrong. This supposedly only applies if it is a regular monthly pension distribution. With a one lump withdrawal you must select none of the above. Unfortunately that negatively affected my State return by over $7000.
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