turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I am retired, made 401k withdrawals. I had 10% withheld for Federal Income tax, totaling $9000, as reported on my 1099-R. Are these estimated federal tax payments ?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

I am retired, made 401k withdrawals. I had 10% withheld for Federal Income tax, totaling $9000, as reported on my 1099-R. Are these estimated federal tax payments ?

You will enter the tax withheld from the retirement fund distribution when you enter the 1099R.  You do not go anywhere else in your tax return to enter that as an estimated payment.   If you try to do that you will be entering it twice.

 

You had tax withheld from the distributions from the retirement account, just like when an employer withheld tax from your paychecks.  When you enter it all into the software, the calculations are done to reconcile the amount of income you received and the amount of tax that was withheld.  You might owe more or you might get a refund.

 

 

 

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.

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
rjs
Level 15
Level 15

I am retired, made 401k withdrawals. I had 10% withheld for Federal Income tax, totaling $9000, as reported on my 1099-R. Are these estimated federal tax payments ?

To be clear, tax withheld is not an estimated tax payment. Withholding and estimated tax are two different things.

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question