1099-R from 401K tax confusion.

[rukaimelca]

I withdrew all my money from 401K after 59 and a half years old. I paid 20% federal and 5% Nebraska state taxes already. Before I put the 1099-R 401K info, My federal refund was $1,151 and my NE refund was $324. After I put the 1099-R 401k, it changed to federal $931 and NE refund $-236. I don't understand how Nebraska taxes the 1099-R 401k and why is there a $500 difference. Is this correct or I'm I doing something wrong?

Just a bit more information:

Gross distribution => $30,387

Federal Income tax witheheld => $6.077

State tax withheld => $1,519

[DanaB27]

Distributions from the 401k are taxed depending on your tax bracket and it might have pushed you into the next tax bracket. If you are in a higher tax bracket then the withholdings wouldn't be enough to cover the tax due on the distribution.

Please keep in mind we cannot see any details of your return. You might want to verify that all the entries on Form 1099-R are correct and that you have entered the federal and state tax withheld (box 4 and box 14):

1. Click on "Search" on the top right and type “1099-R”  
2. Click on “Jump to 1099-R”

[rukaimelca]

Thank you.

Does anyone know how I can tell if my 401K 1099-R is a Roth IRA or not?

[DanaB27]

No, a 401(k) isn't a Roth IRA.  401(k) is a retirement plan at work and contributions will be listed on your W-2 box 12. A Roth IRA is a separate after-tax retirement account.

Please see Roth 401(k), Roth IRA, and Pre-tax 401(k) Retirement Accounts for additional information.

@rukaimelca