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Level 2
posted Feb 3, 2020 12:48:59 PM

I withdrew money from IRA as Turbo Tax pointed out i deposited too much.

I immediately requested a distribution from my IRA (Voya) to avoid any penalties. I just received the check minus the federal withholding tax. As i did not enter this data into turbo tax i am paying too much to the government. How do I fix this?

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1 Best answer
Expert Alumni
Feb 3, 2020 1:30:57 PM

You should receive a 1099-R for taking out the excess contribution which will include the taxes paid. You will need to include it on your tax return. If you took the money out in 2020, then you will get the form in 2021.

1 Replies
Expert Alumni
Feb 3, 2020 1:30:57 PM

You should receive a 1099-R for taking out the excess contribution which will include the taxes paid. You will need to include it on your tax return. If you took the money out in 2020, then you will get the form in 2021.