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Level 2
posted Mar 6, 2024 12:22:30 AM

How to pay additional tax after IRA distribution

I am in the 24% tax bracket. I had an IRA distribution in 2023 (indirect rollover from traditional 401k and eventually into my Roth IRA). 20% was withheld from the check. Now that I am filing my taxes, how can I pay the remaining 4%? I am not sure how/where to indicate this on my tax returns.

0 2 713
2 Replies
Level 15
Mar 6, 2024 1:59:26 AM

you have multiple options. since you are talking about 2023. Complete your return to see if you owe. (when filing your return you don't indicate on the return that the balance due is paid unless you extend it). If you do extend it, to avoid late payment penalties, payment of the balance is due 4/15/2024. You would enter the extension payment in Turbotax in the Tax Payments Worksheet. if there is no extension payment and you owe, Turbotax will always show you owe this balance. 

 

see this page for ways to pay 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/internal-revenue-service/pay-federal-taxes/L6HFgj2eJ_US_en_US?uid=ltfmasgb 

Level 15
Mar 6, 2024 5:56:43 AM

Any underpayment of taxes will automatically become part of your balance due with your tax return.  Be sure to enter the Forms 1099-R that you have received and answer any questions that follow.