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My IRA dist. form 1099-R shows I was taxed 10% but turbotax tells me I need to pay the tax. Don't want to pay it twice, what do I do?
I withdrew an IRA in 2017 that had been sitting with no contributions for about 2 yrs. At the time of withdrawal, I had them hold 10% tax as advised by the financial institution. When I enter the IRA 1099-R on my taxes form, the tax amount is shown on the form and in turbo tax but turbo tax says I still need to pay 10% tax, which it shows as the same amount I paid. Am I being taxed twice for the same amount? How can I verify that i'm not? Thanks!
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‎June 1, 2019
5:26 AM