AlexanderS08
Expert Alumni

Retirement tax questions

When you say "taxed the 10%" what you mean is that the 10% was withheld from your distribution and reported to the IRS. You settle up with the IRS when you file your return which is inputting all your income (1099-R) and then also inputting all your withholding. 

 

As long as you report all of your withholding, you will not pay additional tax when you file. The box that is very important to get correct is "Box 4 - Federal Income Tax Withheld."

 

When you say you received two different ones are you saying you did not have two different distributions? Does one of the 1099's say "Corrected" or have a check box by Corrected? If so, that is the one you would use.

 

 

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