The "IRA Distribution Adjustments" section in TurboTax helps help to ensure your IRA distributions are correctly reported for federal and state taxes. Here are some key points: Adjustments Overview: This section deals with changes affecting your taxable IRA withdrawals, such as rollovers, deductions, or tax withholdings. Your 25% federal and 10% state tax withholdings are prepaid taxes. Prepaid taxes from your IRA distributions should be listed on your Form 1099-R: Federal Taxes Withheld: Box 4 State Taxes Withheld: Box 12 TurboTax will determine if you owe more or are eligible for a refund. Accuracy Check: Double-check all information on your Form 1099-R to ensure it is correct and that you have entered it accurately in TurboTax.

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drummer53

Question

Any IRA Distribution Adjustments, what does this section mean...I have 25% fed and 10% state taken out of my IRA withdrawls

Forum|Forum|1 year ago
February 25, 2025
1 reply
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SabrinaD2

The "IRA Distribution Adjustments" section in TurboTax helps help to ensure your IRA distributions are correctly reported for federal and state taxes.

Here are some key points:

Adjustments Overview: This section deals with changes affecting your taxable IRA withdrawals, such as rollovers, deductions, or tax withholdings.
Your 25% federal and 10% state tax withholdings are prepaid taxes. Prepaid taxes from your IRA distributions should be listed on your Form 1099-R:
- Federal Taxes Withheld: Box 4
- State Taxes Withheld: Box 12
TurboTax will determine if you owe more or are eligible for a refund.
Accuracy Check: Double-check all information on your Form 1099-R to ensure it is correct and that you have entered it accurately in TurboTax.