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New Member
posted Apr 2, 2020 3:39:07 PM

Can you recalculate our taxes with the understanding that we have paid $4000 Federal Income Tax Withheld?

It is verified on our 1099-R from Waddell & Reed.

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5 Replies
Level 15
Apr 2, 2020 3:41:35 PM

Did you already file without entering the 1099R?  Yes you have to include it.

 

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.

 

If you already filed you need to amend.  You cannot change or add anything on the return that you e-filed.  It is too late, just like when you put an envelope in a US mailbox

Now you have to wait until the IRS either rejects or accepts your return. If your return is rejected, you will be able to go into your account and add or change it and resend it.

If the IRS accepts your return, then you have to wait until it has been fully processed and you have received your refund or paid the tax due. THEN you can prepare an amended tax return 1040X and mail it in. You cannot e-file an amended return.  Meanwhile, DO NOT change anything on your return until you start the amended return. If you did change or add the missing info then take it out and put your return back to the way it was when you first filed it.

You can check your efiling status here,
https://turbotax.intuit.com/tax-tools/efile-status-lookup/

How to amend an Online return
https://ttlc.intuit.com/community/amending/help/how-do-i-amend-my-turbotax-online-return/00/27577

 

New Member
Apr 2, 2020 4:04:14 PM

Your reply does not address my question.

Can you recalculate our taxes with the understanding that we have paid $4000 Federal Income Tax Withheld?

It is verified on our 1099-R from Waddell & Reed.
Please recalculate my return that is in process to show a refund of $1589,the difference between the $4000 withheld and my taxes of $2411. We have already paid our fee  to intuit TurboTax. Please make our tax return accurate with a refund rather than a charge.
With much appreciation,
Warren

New Member
Apr 2, 2020 4:50:21 PM

Been using Turbo Tax for at least 8 years and never had an issue. Why is this now so complicated to simply make a correction. or give us a reasonable explanation?

New Member
Apr 2, 2020 5:36:26 PM

My mistake. Failed to properly enter Federal Income Tax Withheld. Thanks for your service.

Level 15
Apr 2, 2020 6:25:42 PM

Turbo Tax or us other users can not fix your return.  Only you can see your return.  Click on Add a State to let you back into your retun.