topic Why doesn't turbotax show the reduced amount of my closed IRA account show on Form 1099-R? Federal tax was withheld before I closed the account. in Retirement tax questions

Why doesn't turbotax show the reduced amount of my closed IRA account show on Form 1099-R? Federal tax was withheld before I closed the account.

steve-sugano — Thu, 06 Jun 2019 09:57:47 GMT

I closed out my IRA in full and had Federal Tax withheld. I placed the 1099-R form amounts turbotax but at the end turbotax shows only Box 1 info but no Box 4 info (withholding). Why? I do not want to be taxed twice on the early withdrawal on this account.

Any amount that you entered in box 4 will be combined wit...

dmertz — Thu, 06 Jun 2019 09:57:49 GMT

Any amount that you entered in box 4 will be combined with your withholding from other sources and shown on Form 1040 line 64 or Form 1040A line 40 as a credit against your overall tax liability.