IRA tax

As a retired 72 years old person, I withdrew IRA that was rolled over from employee plan in 2018. I paid over $5000 in federal and State taxes do to withdraw all at one time. Is there a way to get reimbursement of the taxes I paid in 2018 for taxes in 2019. My only income for 2019 was my social security income.

I heard you can get some money back, but I don't know if it's true and I can't find any info about it.

Thanks.

posted

What do you mean? You pay tax on a distribution. An employers retirement plan to a IRA rollover is not taxable unless converted to Roth IRA.

Why was anything taxable in 2018? What code was in the 2018 1099-R box 7?

What type of IRA did you roll it into -Traditional or Roth?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**