received a 1099-R from a 401K withdrawal. financial co. took 24% taxes, my husband was over 59 1/2. when I enter the 1099R it is taking another 1,000 in taxes?

lrbeard4 · ‎February 17, 2025

xmasbaby0

You had tax withheld from the distributions from the retirement account, just like when an employer withheld tax from your paychecks. When you enter it all into the software, the calculations are done to reconcile the amount of income you received and the amount of tax that was withheld. You might owe more or you might get a refund.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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xmasbaby0

You had tax withheld from the distributions from the retirement account, just like when an employer withheld tax from your paychecks. When you enter it all into the software, the calculations are done to reconcile the amount of income you received and the amount of tax that was withheld. You might owe more or you might get a refund.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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received a 1099-R from a 401K withdrawal. financial co. took 24% taxes, my husband was over 59 1/2. when I enter the 1099R it is taking another 1,000 in taxes?