Withheld amount in 1099-R is not reflected in 1040-X

paulevans8109188 — Mon, 27 Jan 2025 18:21:02 GMT

I have to amend my 2023 tax return because I received a 1099-R with codes J and P. The distribution was due to excessive contributions (I am under 59 1/2 years old). The taxable amount on the 1099-R is $1676, and I had $403 withheld for federal taxes and $67 withheld for state taxes as indicated in boxes 4 and 14 respectively in the 1099-R form. I logged into TurboTax online (website version) and proceeded to amend my 2023 return and entered my 1099-R form (I added the form manually). However, in the generated 1040-X made by TurboTax, line 12 (withheld amount) is showing as $0. Is this an error? Because it is showing that I owe around $400 now, but in my head, this shouldn't be, because I had tax withhold as reflected on my 1099-R (even with the 10% penalty, this is too high). I checked, and the taxable amount ($1676) in my 1099-R does not change my tax bracket. Any help would be greatly appreciated.

Thank you,

-Paul

Re: Withheld amount in 1099-R is not reflected in 1040-X

dmertz — Tue, 28 Jan 2025 06:14:22 GMT

I assume that this is a 2024 Form 1099-R. Despite code JP meaning that the $1,676 is taxable on your 2023 tax return, the tax withholding is credited on your 2024 tax return (the year of the form), not on your 2023 tax return. Because of this, it usually makes no sense to have taxes withheld from a return of contribution for a contribution made the prior year.

Because this 2024 Form 1099-R has tax withholding, it must be entered into both 2023 TurboTax and 2024 TurboTax. In 2024 TurboTax the only purpose to to get credit for the tax withholding. (2024 TurboTax will remind you that the taxable amount was reportable on your 2023 tax return as you are doing with the amendment.)

topic Withheld amount in 1099-R is not reflected in 1040-X in Retirement tax questions

Withheld amount in 1099-R is not reflected in 1040-X

Re: Withheld amount in 1099-R is not reflected in 1040-X