Hi jryanruss23,
I understand you will be withdrawing from your retirement accounts in 2023. Withholdings are a method for us to "put away money" to pay our tax liability when we file our tax return. Just like withholdings from your wages that are reported on your Form W-2, those withholdings may be more than your tax liability when you prepare your tax return, and you receive a refund.
Your retirement withdrawals will be reported to you on a Form 1099R. One of the items on the Form 1099R will be the federal tax withheld. You will enter the data from the Form 1099R. Once all your income and deductions are entered, then your tax liability is calculated. The withholdings, combined from your wages (Form W-2) and from your retirement distribution (Form 1099R) will decrease your tax liability. If your withholdings are more than your tax liability you will receive a refund.
I hope you find this helpful!
Connie
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