You'll need to sign in or create an account to connect with an expert.
There are many possibilities why this would be correct. Compare your Form 1040 with and without this income to see the differences in the calculation of your tax liability.
What kind of Form 1099 is this?
(if a 1099-R) Average 15% is meaningless. IF your prior income $$ had you already in the 22% tax bracket area...were you under 59.5 when you took the distribution? then the ~30% assessed = (approx) 22% + 10% penalty (if no taxes were withheld on the distribution). OR maybe you were over age 59.5, and were up into the 24% and 32% brackets already.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
rebjbrown
Level 1
sharonbay
New Member
jordygoneham
New Member
AJ1017
New Member
devi-sanjeeta-ym
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.