Question

An early withdrawal from 401k of $40k. Of that $40k, they withheld $11,200 for taxes in box 4 of 1099R which is not reflected in turbotax and still owe more taxes?

Forum|Forum|4 years ago
January 29, 2022
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TurboTax Deluxe Online

Employee

Go back and edit that 1099-R....and make sure that 11,200 is entered into box 4 of the software form (along with any other boxes with non-zero values showing on your Paper/PDF 1099-R form).

IF it's in the software form, then it is being accounted for........but you could still owe more than what was withheld, in certain situations......or the extra income reduced some other credit you are no longer eligible for, or if you get SS income too, perhaps the extra income causes a higher % of the SS to be taxed.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*