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You do not get money back for a 1099-R. If box 2a is zero you do not pay tax on it.
Do i pay taxes back on this?
If 2a is more than $2000.00?
@Sio1914 wrote:
If 2a is more than $2000.00?
You are posting to an old thread and have not provided any information other then box 2a. The taxable amount is usually the amount in box 2a.
if a person has only Railroad Retirement do you get any refund on the taxes paid?
It depends. Railroad benefits are generally not taxable but but the Tier 1 portion of your Railroad Retirement Annuity may be reduced by the amount of your Social Security benefit, so you may not receive more in total benefits. This may affect your Federal tax refund.
For more information, visit
Does a 1099-R take money from my tax return if 2a under 1,000
@kingtreavo We cannot answer that. You just have to enter the 1099R on your tax return and let the software do your calculations. You get a 1099R for taking money from a retirement account or money from a pension, etc. We do not know if you took it out before you were 59 1/2 and could incur an early withdrawal penalty or not. Just enter the data as it appears on the 1099R. Then look at your Form 1040----the amount that was taxable will be on line 4b or line 5b depending on whether it was from a pension or from an IRA etc.
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.
A 1099R is usually taxable unless you rolled it into another IRA account within 60 days. Did you have any withholding taken o out in box 4? What is the code in box 7?
The information displayed on IRS Form 1099-R Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans is reported to the IRS.
The IRS is expecting you to report this information on your IRS Form 1040.
Generally, an amount in box 2a will increase your taxable income.
An amount in box 4, box 14 or box 17 will reduce the balance of Federal and state income taxes owed.
However, the variety of distribution codes that may be found in box 7 can affect your tax return in many ways.
I took it out before I turn 59
Yea I have withholding taken out the code is 1
Code 1 is for an early distribution under 59 1/2. Yes it will be taxable but you had tax withholding taken out so that helps. You will get credit for the withholding like from your W2 paychecks.
How much do you think I get the amount on 2a or code 4
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