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 paid taxes on retirement income from previous employer so I have to pay taxes again? I did not get a tax form for that payment

I got about 3 thousand dollars but they taxed it . Do I have to pay more taxes or a penalty?
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 paid taxes on retirement income from previous employer so I have to pay taxes again? I did not get a tax form for that payment

You should get a 1099R for it.  The tax that was withheld was just an estimate.  You need to enter the full amount on your tax return with all your other income.  Then the tax is calculated.  Then all the withholding is subtracted leaving you with a refund or tax due.  Yes there is a 10% early withdrawal penalty if you are under 59 1/2 unless you  have one of the exceptions or you rolled in to an IRA within 60 days.  

I paid taxes on retirement income from previous employer so I have to pay taxes again? I did not get a tax form for that payment

How do you know you have to pay more tax if you haven't entered it from the 1099R yet?

 

Enter a 1099R under
Federal Taxes on left
Wages & Income at the top
Then scroll way down to Retirement Plans and Social Security
Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start


Don't type the bank name or try to import it.
At the bottom pick - Change How I enter my Form
Then on the next screen pick - I'll Type it in Myself


Be sure to pick the right kind of 1099R on the 4 boxes. 1099R or CSA1099R or CSF1099R or RRB1099R
If you are filing a Joint return be sure to pick which person it is for.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question