Question

I recieved a 1099R from OPM retirement operations, Boyers, Pa list a gross income of $61152 and a taxable amount of 57507 and federal income tax withheld for 5141?

Forum|Forum|2 years ago
April 8, 2024
1 reply
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is that correct and refund should be 5141???

TurboTax Free Edition Online

Employee

A refund is determined by all the income on your tax return and how much withholding is taken out. You don't necessarily get back all the withholding. That's why you fill out a tax return. Do you have any other income like Social Security?

And you need to know your filing status like Married or Single. Like if your income is 57,507 you first subtract out the Standard Deduction 13,850 for Single giving you 43,657 Taxable Income. Tax on that is 5,021. Minus your withholding 5,141 gives you a refund of $120.