1099-R
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New Member

1099-R

I have tax in the amount of 1043.00 withheld in box 4 on 1099-R.

Why is this amount showing up as tax I owe on refund summary.

5 Replies
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Expert Alumni

1099-R

Check what you actually entered into the program for that box.

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New Member

1099-R

$1,043.22 is entered in in box 4 as federal income tax withheld.

This is tax I paid. Not Tax Owed.

The Program should not be deducting this amount from my refund. I think the program is wrong!!!!

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Level 15

1099-R

Did it show up on 1040 line 17 as withholding?  That is good.  Where is it showing as being subtracted from your refund?  Is it showing up as a penalty on line 15? Is the $1,043 10% of your Distribution?

 

You didn't actually pay the tax or 10% penalty (you pay a 10% early withdrawal penalty if you are under 59 ½).  You had taxes withheld like from your paycheck. You still have to enter the whole gross original amount (before taxes were withheld) with your other income to figure out the total tax (and it may put you into a higher tax bracket) and then the withholding is subtracted from the total tax to figure your refund or tax due. The gross amount shows up,on 1040 line 4a/4c and the taxable amount on 4b/4d.  The withholding will show up on 1040 line 17.

 

It has to break out and show the 10% penalty separately on your return, (Schedule 2 line 6 which goes to 1040 line 15)

Then you get credit for all the withholding taken out on 1040 line 17.

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Expert Alumni

1099-R

Delete the form and re-enter it.

 

To Delete a Form

Open your return in TurboTax. 

In the left side bar, select Tax ToolsTools.

In the pop-up window Tool Center, choose Delete a form.

Select Delete next to the form/schedule/worksheet and follow the onscreen instructions

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Level 15

1099-R

The box 4 tax withheld is indeed included in the box 1 taxable amount, because it is just another part of your taxable distribution.   The box 4 amount will be added to all other W-2 and 1099 withholding on line 17 on the 1040 form to offset your overall tax liability.     No different that if you did not have any tax withheld and received the entire distribution in cash and then just paid the tax by writing a check from the amount received.

**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.**
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