The box 4 withholding will be added to all other withholding, such as W-2 withholding, and be shown on line 64 on the 1040 form to offset your overall tax liability. If you are not 59 1/2 or older the there will be an additional 10% early withdrawal penalty.
Enter a 1099-R here:
Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.
Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.
[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]
The box 4 withholding will be added to all other withholding, such as W-2 withholding, and be shown on line 64 on the 1040 form to offset your overall tax liability. If you are not 59 1/2 or older the there will be an additional 10% early withdrawal penalty.
Enter a 1099-R here:
Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.
Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.
[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]
The above steps made no difference, turbotax appears to be ignoring the tax already paid.
Doesn't the withholding in box 4 show up on 1040 line 64 with all your other withholding? The withholding might not have been enough to cover the extra tax due when you added the 1099R to your other income.
This should not show as "solved" because no working solution was posted.
This is happening to me, and the solutions make no sense. TurboTax won't let me view my 1040 until I file and by then it is too late: I will have paid taxes that I already paid. Is there any way around this other than starting over with another product?
Yes you can alway view your return for free before you file or pay. And you should. Before filing, You can preview the 1040 or print the whole return
Your withholding should be on line 25a for W2 and 25b for 1099 withholding. Is it there?
Withholding is just an estimate to cover the tax on all your income. It might not have been enough.