How much will be taken out of my taxes for a 1099R form if I paid taxes on it at the time of withdrawal?

[brittabilez]

I did a withdrawal last year, paid taxes on it at the time of the withdrawal and today received my 1099-R form. I already submitted my taxes for my refund. Is this something I need to add since I paid taxes on it already at time of withdrawal?

[xmasbaby0 · Accepted solution]

You must enter your 1099R on your tax return.  It will contain information showing the tax withheld already.  But you are adding that income to other income, so you could still owe some tax.  TT will do the calculations.

 Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R

[brittabilez]

What percentage has to be paid so your not penalized for it during returns? And I already filed taxes and they have been "accepted" but it won't let me amend it t change it.

[xmasbaby0]

You cannot make changes while the return is pending.  If you messed around with your return and changed anything, change it back to exactly the way it looked when you e-filed it.

[xmasbaby0]

 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
If you left out a W-2, 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 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. You cannot e-file an amended return.  They have to be mailed, and it takes at least 2-4 months for the IRS to process an amended return.  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

[brittabilez]

Okay, well I didn't make any changes because it was already filed and approved so it won't even let me make a change if I wanted to. It says I have to wait until the 1040X form is available to file and amend. So I guess I'll wait, get my return and then go in and fix it? Correct? Is that the easiest and best way to do it?

[xmasbaby0]

Correct!