Will I get taxed on a 1099?

[dalty219]

If I already had taxes come off the top plus penalty

[DoninGA]

What type of Form 1099 are you referring to, there are almost two dozen different types.

[dalty219]

Hi, it's possibly a 1099 MISC from a liquidated annuity I cashed out in May of 2024. I opted to have the federal and state taxes pre-withdrawn from the total amount,  so I'm ultimately trying to know since that's already happened, will this extra income (roughly 53k) affect me tax wise. 

[xmasbaby0]

No one here can tell you if you will owe or get a refund, since you have shared no information about any of your other income or the amounts of the income, nor have you shared the amount of tax you had withheld from the money you took out of the annuity.   We do not know your filing status, etc. etc. etc.   When you prepare your tax return and enter ALL of your income and all of the tax that was withheld from all of that income, the software will reconcile whether you owe more or get a refund.

You can try using the TaxCaster tool.

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

[SteamTrain]

AND,...you will still need to enter the annuity amount as income in your tax return, using whatever form they provide you with.   The amounts withheld for Fed and State, will go in as credits for taxes already paid.

Whether the amounts withheld earlier were sufficient to pay your eventual Fed and State tax assessed, will depend on your total income from all sources.   For instance, if they withheld 10% for Federal taxes, and your income from all sources puts you in the 22% tax bracket, then you may have to make up the difference at tax time......but your other withholding (and any quarterly estimated tax payments) might pay for some or all of that.  It's all going into the same pot...all income being taxed, vs. all credits applied.