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I paid federal income tax upon withdrawal of insurance policy. They sent me a 1099-R, and I submitted it again when filing taxes recently. Did I pay taxes twice?
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posted
June 6, 2019
10:35 AM
last updated
June 06, 2019
10:35 AM
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I paid federal income tax upon withdrawal of insurance policy. They sent me a 1099-R, and I submitted it again when filing taxes recently. Did I pay taxes twice?
Did you have 20% withheld?
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June 6, 2019
10:35 AM
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I paid federal income tax upon withdrawal of insurance policy. They sent me a 1099-R, and I submitted it again when filing taxes recently. Did I pay taxes twice?
No, you only paid taxes one time when submitting your tax return.
Having taxes withheld from your distribution is just like having taxes withheld from working at a job.
When you work the taxes that are withheld are reported on your W-2 and on your tax return along with your income where you might get a refund or owe more money.
With your insurance policy withdrawal, the taxes withheld were reported on your Form 1099-R and on your tax return. Your withdrawal amount is included with your other income. Then the amount withheld for taxes is put toward any income taxes you may owe.
June 6, 2019
10:35 AM
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