Vanessa A
Expert Alumni

Retirement tax questions

What box is requiring a dollar amount?   Is this an early withdrawal?  How old is she?  What was the 1099R for?  Is it entered in the correct location?  What is the code in box 7?

 

There are multiple reasons the 1099R could cause her to go from a refund to owing.

 

1) would be if this is an early withdrawal and is subject to penalty.  

2) Would be it jumped her overall income up to another tax bracket and increased her overall taxes

3) She was required to take an RMD and the amount she took was not enough so she is being taxed on that. 

 

 

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