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posted Jun 4, 2019 1:17:02 PM

Is my 1099-R wrong? Gross Dist was $1599.26. Box 4 shows 479.77 Fed. withheld = (30%). Box 12 / State Withheld is blank . I though it was 20% Fed and 10% State?

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1 Best answer
Level 15
Jun 4, 2019 1:17:03 PM

The Form 1099-R indicates that the financial institution withheld 30% federal and 0% state.  If you intended for 20% to be withheld for federal taxes and 10% to be withheld for state taxes, either the financial institution did not do as you intended (most likely) or the Form 1099-R was prepared incorrectly (less likely).  You'll need to sort that out with the financial institution.

1 Replies
Level 15
Jun 4, 2019 1:17:03 PM

The Form 1099-R indicates that the financial institution withheld 30% federal and 0% state.  If you intended for 20% to be withheld for federal taxes and 10% to be withheld for state taxes, either the financial institution did not do as you intended (most likely) or the Form 1099-R was prepared incorrectly (less likely).  You'll need to sort that out with the financial institution.