You'll need to sign in or create an account to connect with an expert.
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.
The amount of withholding was 10% of the distribution. If you are under 59 1/2 then that would only cover the penalty and not the tax itself which if from a Traditional IRA is taxed as ordinary income. If you are in the 20% tax bracket then you would owe about $8,800 more tax on the distribution.
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.
The amount of withholding was 10% of the distribution. If you are under 59 1/2 then that would only cover the penalty and not the tax itself which if from a Traditional IRA is taxed as ordinary income. If you are in the 20% tax bracket then you would owe about $8,800 more tax on the distribution.
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.]
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Pat720
New Member
user244016180
New Member
218236f9a6a8
New Member
shaneshep48
New Member
rebeccabrisolla
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.