Make sure you federal tax withholding was properly entered into TurboTax when you entered your Form 1099-R.
If it is properly entered, it is likely due to your income tax bracket (you did not withhold enough based on your income tax bracket). Many things affect your income taxes such as other income, what deductions you have, filing status, dependents., etc.
In general a 20% Federal withholding is taken from a retirement distribution. It is not an exact amount that will necessarily cover your taxes owed on your distribution.
You can view your entire return or just your 1040 form before you e-file:
- Sign in to your TurboTax account
- Open or continue your return
- Select Tax Tools from the menu (if you don't see this, select the menu icon in the upper-left corner)
- With the Tax Tools menu open, you can then:
- Preview your entire return: Select Print Center and then Print, save or preview this year's return (you may be asked to register or pay first)
- View only your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu
Click here for additional information on why you may owe income taxes.
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