paying taxes twice

Forum|Forum|7 years ago
March 31, 2019
2 replies
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i had my federal taxes taken out before the give me my lil 401K, an was told i had to pay again on it when i filed my taxes,? this was 2016 an someone told me that i shouldn'tve had to pay any more cause they done took out the taxes on it, almost 8,000 an they took out 1,500 n taxes an them i had to pay another 1,000 when o filed my taxes

NCperson

Level 15

when you took the 401(k) distribution, there was an ESTIMATE withheld of how much taxes were due.

When you filed your taxes, you calculated EXACTLY how much tax was due and would have subtracted the estimate to arrive at the final tax due.

unlikely you paid taxes twice

Opus 17

Level 15

The amount withheld should have been reported on the 1099-R. You got credit for that and it was rolled into the overall calculation of your tax to determine if you overpaid or underpaid for the year.