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Solved

Traditional Ira

Forum|Forum|4 months ago
January 10, 2026
1 reply
0 views

I already had Schwab take out 14 percent tax off my distribution before I received it. Will turbo tax know that I’ve already had 14 percent taken out of my distribution on my 1099R so I won’t be taxed as much?

Not A Product Question

Best answer by SteamTrain

Expert Reviewed

When the 1099-R section becomes available (late in January), you'll be able to enter the 1099-R you get from Schwab, into the software....and enter the withholding for Federal (and state too if that was done) into the appropriate boxes in the software forms...then it's accounted for. The 1099-R you get from Schwab, should show the Fed withholding in box 4, and state withholding (if any) in box 14.

Of course, if ALL your income, from all sources, puts you into one of the 20%+ brackets, then you may owe some more, but that will depend on whether you had other withholding that might have been underpaid or overpaid.

SteamTrainAnswer

Level 15

Expert Reviewed

When the 1099-R section becomes available (late in January), you'll be able to enter the 1099-R you get from Schwab, into the software....and enter the withholding for Federal (and state too if that was done) into the appropriate boxes in the software forms...then it's accounted for. The 1099-R you get from Schwab, should show the Fed withholding in box 4, and state withholding (if any) in box 14.

Of course, if ALL your income, from all sources, puts you into one of the 20%+ brackets, then you may owe some more, but that will depend on whether you had other withholding that might have been underpaid or overpaid.

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