Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
deb589
New Member

Withdrew from Ira Am over 60 Do I claim as income It was taxed 20 %

What form do i use if withdrawals. From Ira that were taxed
1 Best answer

Accepted Solutions
rjs
Level 15
Level 15

Withdrew from Ira Am over 60 Do I claim as income It was taxed 20 %

Yes, you have to report the withdrawal as income on your tax return. The 20% that was taken out is not the tax on the withdrawal. It's withholding, just like tax withheld from your pay when you have a job. Withholding is an advance payment towards your tax for the year, but it's not the final tax. You will receive a Form 1099-R for the IRA withdrawal. The 1099-R will show the amount you withdrew and the amount of withholding. You enter the information from the 1099-R in TurboTax, along with all your other tax information. Your tax return will calculate the total tax on all your income for the year, including the IRA withdrawal. The tax withheld from the withdrawal will be added to any other withholding that you had during the year, and the total withholding will be applied towards your total tax.

View solution in original post

3 Replies
rjs
Level 15
Level 15

Withdrew from Ira Am over 60 Do I claim as income It was taxed 20 %

Yes, you have to report the withdrawal as income on your tax return. The 20% that was taken out is not the tax on the withdrawal. It's withholding, just like tax withheld from your pay when you have a job. Withholding is an advance payment towards your tax for the year, but it's not the final tax. You will receive a Form 1099-R for the IRA withdrawal. The 1099-R will show the amount you withdrew and the amount of withholding. You enter the information from the 1099-R in TurboTax, along with all your other tax information. Your tax return will calculate the total tax on all your income for the year, including the IRA withdrawal. The tax withheld from the withdrawal will be added to any other withholding that you had during the year, and the total withholding will be applied towards your total tax.

SweetieJean
Level 15

Withdrew from Ira Am over 60 Do I claim as income It was taxed 20 %

When you get the 1099-R, enter it in Federal taxes; Wages and Income; Retirement.
macuser_22
Level 15

Withdrew from Ira Am over 60 Do I claim as income It was taxed 20 %

1099-R's are required to be sent on or before Jan, 31, 2017.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.6m
Discussions

Manage cookies
v