Retirement tax questions

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

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