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SSE_11
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In 2023 I withdrew everything from vanguard. When I file my taxes will that withdraw reduce my tax return amount? Where on the 1099-R form says what will be deducted?

I had assumed vanguard deducted all taxes when issuing the withdrawal but maybe I was wrong and now when I file my taxes they will deduct the taxes from my return?
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In 2023 I withdrew everything from vanguard. When I file my taxes will that withdraw reduce my tax return amount? Where on the 1099-R form says what will be deducted?

The tax withheld by Vanguard was only an estimated amount---just like when you have an employer withhold tax from your paychecks.  When you enter your 1099R and combine all of the income from Vanguard with your other income from W-2's, etc., the software will use all of the income and all of the tax withheld from those sources of income, and calculate whether you owe more tax due or get a refund.

 

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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