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dfalkenstein
New Member

I paid federal and state taxes on the withdrawal from my 401k. Why do I still owe taxes to both?

This withdrawal was made after I turned 59-1/2.
1 Best answer

Accepted Solutions
WillK
Level 9

I paid federal and state taxes on the withdrawal from my 401k. Why do I still owe taxes to both?

Unfortunately the taxes that you had withheld were only an estimate, and not exact since all your other tax information was not figured into the tax calculation. When you entered in all your tax data Turbo Tax was able to calculate all the taxes that you are responsible for, and unfortunately you owed additional taxes. 

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1 Reply
WillK
Level 9

I paid federal and state taxes on the withdrawal from my 401k. Why do I still owe taxes to both?

Unfortunately the taxes that you had withheld were only an estimate, and not exact since all your other tax information was not figured into the tax calculation. When you entered in all your tax data Turbo Tax was able to calculate all the taxes that you are responsible for, and unfortunately you owed additional taxes. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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