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If I took a withdrawal from my retirement of $7,500 and paid taxes on this money of $1,500 do I add this on my tax return.

 
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If I took a withdrawal from my retirement of $7,500 and paid taxes on this money of $1,500 do I add this on my 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

 

On the screen Did you get a 1099-R in 2023? Click on Yes

On the next screen click on Continue

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

If I took a withdrawal from my retirement of $7,500 and paid taxes on this money of $1,500 do I add this on my tax return.

Yes.  You must enter a 1099R for the money you took out of a retirement account.  The tax withheld was an estimate, just like when employers withhold tax and put it on a W-2.  When all of your income and all of the tax withheld is reconciled by the software calculations you may have a refund or may have tax due.

 

 

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.**
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