I worked for a company. I had an IRA. I left and I was paid out. Taxes were withheld. Do I still pay additional taxes?

ayannae15 · ‎March 2, 2021

xmasbaby0 · ‎March 2, 2021

Maybe. The tax that was withheld was an estimated amount. Depending on your other income you might owe more. You have to enter the 1099R that they sent you on your 2020 tax return.

To enter your retirement income, Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

VolvoGirl · ‎March 2, 2021

By the way, it was not a IRA. But probably a 401K. You could have rolled it over to a IRA and avoided all the tax.

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I worked for a company. I had an IRA. I left and I was paid out. Taxes were withheld. Do I still pay additional taxes?