I received my 1099-R for making a 401k withdrawl from my former employer. The amount in box 1, however is not the amount I actually received when I got the check ($25,000). The amount reported in box 1, is the amount with the 20% tax I already paid ($31,250). Turbo tax definition of gross distribution on form 1099-R, box 1, says "This is the total amount of the distribution BEFORE income tax and other deductions are withheld.
Given that information, is the amount withdrawn on my 1099-R incorrect? Should it include the taxes I already paid?
Thanks.
