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burrows8474
Level 2
April 3, 2020
Question

On the 1099 form I was already charged 1432.61 in federal taxes

  • April 3, 2020
  • 1 reply
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1 reply

AmyC
AmyC
Level 15
April 3, 2020

Yes, when you take money out of a retirement account, they normally take out 20% tax.  Then, when you do your tax return, the income is added in with the rest to be taxed at the correct rate. The tax goes in with the other tax paid to be credited against your actual tax liability. 

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    B
    burrows8474Author
    Level 2
    April 6, 2020

    Did you deduct the federal taxes withheld on my 1099 form 

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