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Get your taxes done using TurboTax
Are you referencing the withholding on your 1099-R? You enter the amount of the withholding from boxes 4 and 17 if applicable. You will be asked follow-up questions to determine if your distribution is taxable or what portion is. Your taxable amount is reported on Form 1040, either line 4b or 5b. Any withholding is credited to your return on Line 25b of Form 1040.
Account administrators generally withhold 20% from retirement fund distributions, but if you're in a higher tax bracket, or you have incurred penalties, the withholding will not be enough to cover the actual taxes due.
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‎February 27, 2024
10:46 AM