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Retirement tax questions
If you entered the amount that was withheld in box 4 then it was applied to your withholding for the year. Adding the 1099-R to your other income may have increased the amount that you owed to more than the amount that was withheld even though there was extra withholding on the 1099-R.
In addition if the code in box 7 of your 1099-R is '1' then there is not just regular income tax assessed on the withdrawal there is an additional 10% penalty for taking it out early. This may be the number that you are seeing on your tax return.
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May 2, 2025
12:29 PM