Do i need a 1099 if i already paid taxes on my 401k withdraw?

[MinhT1]

Yes. 

Taxes withheld from your withdrawal are only an advance payment of taxes. Any surplus/shortage will be settled on your tax return.

If you withdrew from your 401(k) account in 2023, you will receive a form 1099-R. On that that form 1099-R, taxes withheld will show in box 4 for Federal tax and box 14 for State tax. You'll have to enter that form 1099-R on your tax return.

The taxes which were withheld will serve as a credit towards your total tax liability.

[xmasbaby0]

1099R's usually arrive in late January to mid-February.  You will have to enter your 1099R on your tax return.

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.

[VolvoGirl · Accepted solution]

You didn’t actually pay the tax or the 10% penalty (you pay a 10% early withdrawal penalty if you are under 59 ½). You had taxes withheld like from your paycheck. You still have to enter the whole gross amount (before taxes were withheld) with your other income to figure out the total tax (and it may put you into a higher tax bracket) and then the withholding is subtracted from the total tax to figure your refund or tax due. The Gross amount shows up on 1040 line 4a or 5a and the taxable amount on 4b/5b. The withholding will show up on 1040 line 25b.

You have to enter the 1099R to see if they took out the right amount of tax withholding.  You may end up owing more or getting a refund.  And there are other things on the 1099R you need to enter like the Code in box 7.