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The federal taxes withheld and shown in box 4 of the Form 1099-R are entered on your tax return as a tax payment. If the distribution was an early withdrawal then there will be a 10% early withdrawal penalty assessed as a tax liability on Schedule 4 Line 59. The totals from Schedule 4 flow to the Form 1040 Line 14.
If your total tax payments are greater than your total tax liabilities then you will receive a tax refund for the overpayment. If your total tax payments are less than your total tax liabilities then you will have taxes owed.
To enter a form 1099-R -
- Click on Federal Taxes (Personal using Home and Business)
- Click on Wages and Income (Personal Income using Home and Business)
- Click on I'll choose what I work on (if shown)
- Scroll down to Retirement Plans and Social Security
- On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button
Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R