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Returning Member
posted Jan 25, 2021 4:44:13 PM

1099R question.

Hi.

I posted this question this morning but can't find it. In case I did something wrong here it is again.

Hi. I've used Turbo Tax (TT) for over 2 decades and am using it this year in a retired status.
My income is from Socisl Security (SS) and an IRA (Fidelity).
Last year I withdrew $10,000.00 from my IRA and had Fidelity keep $2000.00 for taxes. This is
stated on my 1099R. When I enter this income into TT it immediately gives ma a refund of $2000.00.
This doesn't seem normal, that I am not paying any tax on my IRA withdrawal. I've run the federal taxes two times and get the same result. Does anybody think this is normal?
Appreciate your feedback.
Thank You.

0 1 38
1 Replies
Level 15
Jan 25, 2021 4:47:47 PM

If your ONLY income is from SS benefits and a 1099-R distribution of only $10K then yes this is very normal ... you are below the filing requirement and in fact you are only filing to get back the excess withholding.