Will I get taxed on a 1099?

4 replies
17 views

If I already had taxes come off the top plus penalty

DoninGA

Level 15

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

dalty219Author

Level 2

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 I opted to have the federal and state taxes pre-withdrawn from the total amount, so I'm ultimately trying to know since that's already happened, will this extra income (roughly 53k) affect me tax wise.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

Level 15

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/

**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.**