Retirement tax questions

I want to be clear.

I don't think you are having more taxes taken out of (withheld) from your retirement distributions.  You would have to notify your broker in writing for them to do that.

It sounds like you owe taxes, even though you had taxes withheld from your retirement distributing.

You can check some things on your tax return.

• If you're on the Desktop/CD software, go to the FORMs mode.
• If you Online: You can preview your tax return by going to:

1. On the menu bar on the left that shows.
2. Select Tax Tools
3. On the drop-down select Tools
4. On the popup menu
5. Select View Tax Summary
6. On the left sidebar
7. Select Preview my 1040.
8. Schedules 1,2 & 3 are included if you scroll down past your 1040.
9. To return to the entry screens press Back on the sidebar.

Your retirement income is listed in boxes 4a, 5a and 6a

Taxable income is retirement income is listed is in 4b, 5b and 6b

• You may have been in the situation where your Social Security is being taxed (Box 6b)
• If your not 59 1/2 there is a 10% penalty, this is reported on line 10 of the 1040. schedule 1 line 18
• If you have a large distribution, or multiple income, you may have gone to a higher tax bracket.
  • If line 16 is more than 10% of line 15, you've gone into a higher tax bracket.

These are the most common causes of additional taxes on retirement, there may be others.

Please contact us again with any additional questions.