Non qualified annuity withdrawal

[arenaant6819]

Out 100000 into non qualified annuity needed to take withdrawal of 63000 too put on condo down-payment now already paid tax on this monet when I put in.  

1099r came box 1 gross 63000

Box 2a blank 

Box 2b tax not determined check

Box 5 63000

Box 7 distribution codes D and 1

I only made 40000 on my job last year I was receiving a 1600 refund

But when I plugged in 1099 it's telling me now I owe 17500 fed 5690 state how can this be that alot of taxes am I doing something wrong thanks

[AmyC]

You have an early distribution - code 1 - of a possibly taxable annuity - code D on a 1099-R which shows you have a basis of $63,000 in box 5 and tax not determined.

You must answer all the questions after you enter the form.

1. PSO - no
2. Describe taxable amount - select different amount
3. Select General  rule   The general rule and the simplified method
4. For taxable amount -enter the taxable portion of the $63,000 you took out of the $100,000 in your account using the general rule.