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brgood2
New Member

I withdrew money from an ira to my bank and paid federal and state taxes on the money, where do I enter it on the income and taxes paid?

 
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2 Replies
MinhT1
Expert Alumni

I withdrew money from an ira to my bank and paid federal and state taxes on the money, where do I enter it on the income and taxes paid?

You should receive a form 1099-R for the withdrawal.

 

You can enter your form 1099-R by following the instructions in this TurboTax Help article.

 

Make sure that Federal tax withheld is entered in box 4. If there is state tax withheld, enter it in box 14.

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I withdrew money from an ira to my bank and paid federal and state taxes on the money, where do I enter it on the income and taxes paid?

On the Form 1099-R that you received, the federal income taxes withheld are shown in box 4.  Any state income taxes withheld are shown in box 14

 

The federal taxes flow to the federal tax return Form 1040 Line 25b.

The state taxes withheld flow to your state tax return.

 

To enter, edit or delete a form 1099-R -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

 

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R


Online editions -

On the screen Did you get a 1099-R in 2024? Click on Yes

On the screen Let's import your tax info Click on Change how I enter my form
On the screen How do you want to add your 1099‑R? Click on Type it in myself

On the screen Who gave you a 1099-R? select the type of 1099-R you received and Continue

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