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Retirement tax questions
Federal income taxes withheld and shown in box 4 of the Form 1099-R are entered on your tax return as a tax payment, just like from a W-2. Reported on Form 1040 Line 64 or Form 1040A Line 40.
The taxable amount of the distribution is entered on your tax return as ordinary income and taxed at your current tax rate. 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.
If you were under the age to be exempt from the 10% early withdrawal penalty, the penalty is assessed on your Form 1040 Line 59 as a tax liability.
You can view your Form 1040 at any time. Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.