I left my last job in Nov 2017 and received a check for payout. They already took 25% federal and I believe 5-10% for state tax. When I enter this as income next year will i have to pay even more? Do I even enter it as income?
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If this was from a retirement fund then you will receive a Form 1099-R for the distribution. The distribution is reported on your tax return as ordinary income. Any taxes withheld will be reported on your federal and state tax returns as a tax payment (just like from a W-2). Forms 1099-R are issued in January in the year following the distribution.
Whether or not you will have further taxes owed or a tax refund is dependent on your total tax liabilities and your total tax payments.
To enter a form 1099-R -
Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R
If this was from a retirement fund then you will receive a Form 1099-R for the distribution. The distribution is reported on your tax return as ordinary income. Any taxes withheld will be reported on your federal and state tax returns as a tax payment (just like from a W-2). Forms 1099-R are issued in January in the year following the distribution.
Whether or not you will have further taxes owed or a tax refund is dependent on your total tax liabilities and your total tax payments.
To enter a form 1099-R -
Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R
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