How does the 1099R affect your taxes? Do you get more back? If your gross amount is over 1000.00 and the taxable amount in 2a says 0.00.

[VolvoGirl]

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.  

[kingtreavo]

I may owe more tax than my refund I get two w2s so that can’t be possible 

[kingtreavo]

Plus you said I will get credit for the withholding like from my W2 paychecks so what do you mean by that 

[Critter-3]

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. 

[kingtreavo]

The main question I have is will it take money from my tax refund 

[JohnB5677]

As Critter3 just told you.  You have to complete the return to get your answer.

Your tax refund is based on several things.

1. Total Income
   1. You are taxed on total income, not on each individual income source.
   2. The combined income will be taxed higher than any individual source.
   3. Be sure to confirm that you have accounted for every income source.
2. Withholdings
   1. Each income source may have their own withholding,
   2. If you didn’t tell your employer that you had other income, you may not have had sufficient withholdings.
   3. Be sure that all withholding amounts have been properly accounted for.
3. Deductions
   1. Deductions represent the amount that can be subtracted from your income before the tax calculation is completed.
   2. There are two ways to get the deductions.
      1. The standard deduction for single filers is $12,950. 
      2. Itemized deductions are an accumulation of various authorized deductions.
      3. If you choose to post the Itemized deductions, TurboTax will determine the alternative that is to your best advantage.
4. Credits 
   1. Credits represent an actual amount that reduces your Tax or increases your Refund.
   2. There are a variety of credits that will significantly impact your taxes.
   3. Tax laws change regularly, and the criteria for Credits can change drastically.
   4. If you received a credit in a previous year that you didn’t get in the current year, it will have a significant impact.

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:

1. Tax Tools (on the sidebar)
2. Tools
3. From the dropdown View Tax Summary

On the sidebar Preview my 1040

[Lilnette1]

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?

[Critter-3]

@Lilnette1 

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.

[Lilnette1]

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. 

[Critter-3]

Stop worrying ... you have 3 years to amend to correct the error and you can efile it until 10/15/23 so just be chill.

[BrittanyS]

It depends; if your return is currently processing and has been accepted by the IRS, you will likely get the refund that was listed on your return.  However, if your 1099-R was left off, the IRS could flag the return and delay the process of receiving your refund.  

Since the 1099-R was not included, you must amend the return.  The 1099-R will change the return.  You will not want to make any changes or adjustments to the return while it is pending.  The IRS will first have to accept or reject the return.  

If the return is rejected in TurboTax, you will receive a notification with a rejection code from TurboTax, and the return will be opened back up to make changes.  You can add your 1099-R at this point.

If your return is accepted, wait until you receive your refund before starting the amendment process.  You will need to follow the following steps in TurboTax to amend the return:

1. Sign in to TurboTax
2. On the home screen, scroll down to Your tax returns & documents and select the year you want to amend
3. Select Amend (change) return, then Amend using TurboTax Online
   • If you're told to amend your return via TurboTax Desktop, follow the steps for TurboTax CD/Download below instead
4. On the screen OK, let's get a kickstart on your amended return, select the reason(s) you're amending and Continue
5. When you reach Here's the info for your amended federal return, select Start next to the info you need to change
6. Continue through the screens, make the changes you need to make, and carefully answer the remaining questions to finish amending your return

For more information on amending returns, see the link below:

How do I amend my federal tax return?

[Lilnette1]

Thanks guys 🙏🏽

[Blueyes0808]

Yea I had money taken out and it’s code 1

[MayaD]

Code 1 indicates an early distribution (except Roth IRA), with no known exception.

Most retirement plan distributions are subject to income tax and may be subject to an additional 10% tax.

Generally, the amounts an individual withdraws from an IRA or retirement plan before reaching age 59½ are called ”early” or ”premature” distributions. Individuals must pay an additional 10% early withdrawal tax unless an exception applies.

IRS.gov