I received a 1099-R for a nonqualified annuity as a beneficiary. When I input the form, the taxable portion, and the federal income tax withheld, turbotax takes out another large sum of taxes. The combined tax already withheld, and the tax calculated by turbotax come to 40% of the taxable amount? I am supposed to be paying the same percentage of taxes as my income bracket on the annuity's taxable dollars which is closer to 32%. Would you know why this is calculating incorrectly?
