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Retirement tax questions
@kvrr14720 wrote:
Thanks, I’d entered the data of the 1099R and had gone through all the subsequent questions. The final page indicated that I would be taxed the additional 10% for the early distribution, which I voluntarily withheld from the second distribution. The amount shown on the screen is 10% of the total distribution although I already voluntary withheld some of that amount.
The box 4 withholding goes to the 1040 line 25b to offset any tax that you have (just like W-2 withholding).
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
April 23, 2021
7:59 AM