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

mjnewt1 · ‎February 3, 2020

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?

DanaB27 · ‎February 3, 2020

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.

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View solution in original post

DanaB27 · ‎February 3, 2020

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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