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March 13, 2025
Question

i paid $503 to IRA directly, in Turbotax is showing only the w2 federal withhold taxes. When is going to sum up to my return?

  • March 13, 2025
  • 1 reply
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i paid $503 to IRS my account directly, in Turbotax is showing only the w2 federal withhold taxes. When the $503 is going to be sum up to my return?

    1 reply

    March 13, 2025

    I believe you mean you had $503 taken out of your IRA pension withdrawal in federal income tax withheld. If so, that would be reported on the Form 1099-R you would receive from the pension plan, in box 4. You need to make sure you entered that where you enter the Form 1099-R.

     

    To enter a Form 1099-R in TurboTax:

     

    1. From the federal menu in TurboTax navigate to Wages and Income
    2. Find the Retirements and Investments or IRA, 401(k), Pension Plan Withdrawals (1099-R) section 
    3. Select Start, Revisit or Edit/Add next to IRA, 401(k), Pension Plan Withdrawals
    4. Indicate that you did get a 1099-R statement if necessary
    5. Select how you want to enter your 1099-R statement (import or type in yourself) and enter your 1099-R information in TurboTax
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