Re: The amount withheld from your distribution was... - Community
Level 15

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@rar8195 wrote:

So where do I get credit for the tax I already paid at withdrawal time. Where do you add that on the form and where does it adjust.

Thanks for responses!

rick


You enter the Form 1099-R as received. 

The federal income taxes withheld and shown in box 4 of the form are entered on your federal tax return as a tax payment (just like from a W-2).  The taxable amount shown in box 2a of the form is entered on your tax return as ordinary income and taxed at your current tax rate.

If your total tax payments are greater than your total tax liabilities then you will receive a tax refund for the overpayment.  If the total tax payments are less than your total tax liabilities then you will have taxes owed.

 

To enter, edit or delete a form 1099-R -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Retirement Plans and Social Security
  • On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

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