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paying taxes twice

hayleakannon — Sun, 31 Mar 2019 10:32:13 GMT

i had my federal taxes taken out before the give me my lil 401K, an was told i had to pay again on it when i filed my taxes,? this was 2016 an someone told me that i shouldn'tve had to pay any more cause they done took out the taxes on it, almost 8,000 an they took out 1,500 n taxes an them i had to pay another 1,000 when o filed my taxes

Re: paying taxes twice

NCperson — Sun, 31 Mar 2019 10:55:10 GMT

when you took the 401(k) distribution, there was an ESTIMATE withheld of how much taxes were due.

When you filed your taxes, you calculated EXACTLY how much tax was due and would have subtracted the estimate to arrive at the final tax due.

unlikely you paid taxes twice

Re: paying taxes twice

Opus 17 — Sun, 31 Mar 2019 12:36:57 GMT

The amount withheld should have been reported on the 1099-R. You got credit for that and it was rolled into the overall calculation of your tax to determine if you overpaid or underpaid for the year.