2022 Tax form for Retirement Withdrawal

[jeffrey-davis4]

In 2022, my wife has taken a withdrawal from her federal government retirement account. Since she is over 59 1/2, there was no penalty at the withdrawal.  The federal government held back 20% for federal taxes on the amount & nothing for state taxes. 

What are the procedural steps I need to take to properly enter this information on our joint return? Is there some kind of federal tax form I should receive from her employer denoting the withdrawal?   Jeff 

[KarenL4]

Hi, and congratulations on reaching the point where you can start using some of your hard-earned retirement funds!  You will get a Form 1099-R from the plan administrator (sent out on or before 1/31/2023).  TurboTax will make it super easy for you to enter that information. This article explains exactly what you need to know about how to do that.

You did not mention what state you live in, but you did say you did not have state taxes withheld.  If you live in a state with income taxes, you may wish to consider making an estimated tax payment to your state.  To figure out how to do that, you can search for "estimated taxes" and the name of the state where you live.  I recommend you select the government site at that point. You could also post another question with more information and we can do our best to help!

Cheer below if this was helpful!

Best,

Karen