I have two 1099-r forms in my name from my sisters estate do I need to claim these taxable amounts on my tax form if the Federal tax was already withheld?
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Yes. The Federal tax withheld is no different than taxes withheld from your normal paychecks. It is a down payment against your estimated tax obligation for the entire year. There is no way to know the exact tax implications of this payment without taking into account all of your income and deductions or credits.
Yes. The Federal tax withheld is no different than taxes withheld from your normal paychecks. It is a down payment against your estimated tax obligation for the entire year. There is no way to know the exact tax implications of this payment without taking into account all of your income and deductions or credits.
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