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Retirement tax questions
The tax withheld on your retirement distribution is an estimate of taxes due on the distribution amount.
In general, 20% is withheld for Federal Taxes on a distribution from a retirement account, unless you selected a higher amount.
If you are in a different tax bracket and depending on your other tax return items (deductions and credits), the 20% withholding may not have been enough.
If it was not enough, TurboTax will take that into account, along with all of your other tax details and determine if you have a tax amount due to be paid,or a refund due to you.
Rest assured, if you input your Form 1099-R correctly (doublecheck your entries and make sure you entered your Federal Withholding amount correctly), the program will properly calculate your amount due.
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