Do I need to claim my retirement benefit if feederal and state taxes have already been taken out?

Forum|Forum|6 years ago
April 11, 2020
2 replies
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DavidS127

Level 13

Yes. The retirement income is typically reported to you on a Form 1099-R, and should be included in your tax return.

Note, however, that depending on your total income, you may or may not be required to file a tax return. But, even if you are not required to file a tax return, you may want to file a tax return if you are due a refund of federal or state taxes you have paid.

See IRS Publication Table 1 at this link for the filing requirements for most taxpayers.

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SteamTrain

Level 15

...Also, note that the taxes withheld for Federal and State were just approximate amounts that you might owe to Fed or State.

Could have been too much withheld, or could have been not enough.......and that determination will eventually depend on ALL your income from all sources that you enter into your tax return.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*