CatinaT1
Expert Alumni

Retirement tax questions

Your 401k withdraw is reported to you on a 1099R.  You might have had federal and state tax withheld as part of the distribution.  In addition to income tax, if you are under 59 1/2, you will be charged a 10% early withdraw penalty on the disbursement.

 

Assuming you have more income than just the 401k withdraw, the refunds monitor will not be accurate until you have entered all sources of income, all credits and deductions have been entered and calculated, and all withholding amounts have been entered.

 

It is possible just based on the 401k withdraw that $743 is your tax on just that piece of income, but when other income and credits are applied it reduces your balance due to $162.

 

More details would be needed to provide you a more specific answer.

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