You do not get money back for a 1099-R. If box 2a is zero you do not pay tax on it.
@Sio1914 wrote:
If 2a is more than $2000.00?
You are posting to an old thread and have not provided any information other then box 2a. The taxable amount is usually the amount in box 2a.
if a person has only Railroad Retirement do you get any refund on the taxes paid?
It depends. Railroad benefits are generally not taxable but but the Tier 1 portion of your Railroad Retirement Annuity may be reduced by the amount of your Social Security benefit, so you may not receive more in total benefits. This may affect your Federal tax refund.
For more information, visit
Does a 1099-R take money from my tax return if 2a under 1,000
@kingtreavo We cannot answer that. You just have to enter the 1099R on your tax return and let the software do your calculations. You get a 1099R for taking money from a retirement account or money from a pension, etc. We do not know if you took it out before you were 59 1/2 and could incur an early withdrawal penalty or not. Just enter the data as it appears on the 1099R. Then look at your Form 1040----the amount that was taxable will be on line 4b or line 5b depending on whether it was from a pension or from an IRA etc.
To enter your retirement income, Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.
A 1099R is usually taxable unless you rolled it into another IRA account within 60 days. Did you have any withholding taken o out in box 4? What is the code in box 7?
The information displayed on IRS Form 1099-R Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans is reported to the IRS.
The IRS is expecting you to report this information on your IRS Form 1040.
Generally, an amount in box 2a will increase your taxable income.
An amount in box 4, box 14 or box 17 will reduce the balance of Federal and state income taxes owed.
However, the variety of distribution codes that may be found in box 7 can affect your tax return in many ways.
Code 1 is for an early distribution under 59 1/2. Yes it will be taxable but you had tax withholding taken out so that helps. You will get credit for the withholding like from your W2 paychecks.
Huh? The 1099R will ADD to your other income and you will be taxed on your total income. Then the withholding is subtracted. So you may end up owing more tax due or you may get a refund. Only way to find out is to fill out your tax return with all your W2 and 1099 income. You don't get any of the 1099R amounts back.
I may owe more tax than my refund I get two w2s so that can’t be possible
Plus you said I will get credit for the withholding like from my W2 paychecks so what do you mean by that
On the tax return all your income from all sources is reported ... the tax calculated ... and all your withholding from all sources is netted against the tax liability. So if you did not have enough withheld you will owe more, if you had just enough you break even and if you had too much withheld you get a refund. That is what a tax return is ... just one long math problem.
The main question I have is will it take money from my tax refund
As Critter3 just told you. You have to complete the return to get your answer.
Your tax refund is based on several things.
If you have your previous year's tax return you should compare it to the current tax return and evaluate any changes.
If you have the Desktop version of TurboTax, you can see your current tax return (1040) under the FORMS mode.
If you’re Online, you can see your 1040 by going to:
On the sidebar Preview my 1040
I received 1099-R’s after I filed my taxes this year. I paid the taxes on all of them. I know I will need to amend my return when that opportunity becomes available. By me not filing my 1099 on my return, and being I paid the taxes on all them before hand, will my refund be affected due to me not filing the 1099’s on my original return?
You did NOT pay the taxes on the distributions in advance ... you only had the anticipated taxes WITHHELD.
When you get the original refund in hand you can and must amend the return to enter the distribution & the withholding on the 1099-R ... you may or may not owe more than anticipated or you may get a refund of any excess withholding.
You cannot change or add anything on the return that you just e-filed, nor can you stop it. It is too late, just like when you put an envelope in a US mailbox on the corner. The IRS does not allow you to take it back.
If you left out a W-2, a 1099G, or a dependent, or a 1099 etc…DO NOT change your return while it is “pending.” The changes will go nowhere.
Now you have to wait until the IRS either rejects or accepts your return. If your return is rejected, you will be able to go into your account and make the necessary changes to your tax return and re-submit your return.
If the IRS accepts your return, however, then you have to wait longer until it has been fully processed and you have received your refund. THEN you can prepare an amended tax return and e-file or mail it in. You have to be able to work from that return exactly the way it was when it was e-filed originally. You will need to use a form called a 1040X.
Meanwhile, DO NOT go in and start changing anything on your return in the system, or you will make a mess for yourself. Sit tight and wait until you see what the IRS does with the return you just e-filed
The Form 1040X you need will not be available until late February.
Thank you so much for the feedback. I’m wrecking my brain trying to understand things. This is my first time having to deal with 1099-R so I’m processing as I go along. My taxes was accepted and it has a date saying when I should receive it. I’m just wondering due to me not filing the 1099 that I received after the fact of my refund will be on time or it could be late.