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February 28, 2025
Question

I am 64 yrs old, live in Florida. Received a lump sum from a pension. I took the cash option and paid 20% federal tax. Will i owe anymore when i file my taxes? I also received a 1099

  • February 28, 2025
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1 reply

Employee
February 28, 2025

We can't answer that.  It depends on all your income, deductions and credits.  Any withholding is only an estimate.  Your actual tax is calculated on your tax return, and you get credit for the withholding.  If you owe more than you had withheld, you will need to pay more, and if your withholding is more than you owe, you will get the rest back as a refund.