I withheld taxes on my retirement widthdrawl. Why do I still owe instead of recieving a return?

[elopez168]

I haven't entered my 1099 info yet. Will my return change once this info is entered?

[DoninGA]

Income from a tax deferred retirement account or from a pension is entered on your tax return as ordinary income and taxed at your current tax rate.  Any taxes withheld are entered on your tax return as a tax payment (just like from a W-2)

To enter 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