Question

I withdrew 55,000 from a fire dept pension and paid 11,000 in fed taxes. Why am I getting that returned?

Forum|Forum|7 years ago
June 1, 2019
2 replies
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TurboTax Deluxe Online

Employee

If you are in the 20% tax bracket the amount of withholding seems about right. Why do you think it should be refunded?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

macuser_22

Employee

The Federal tax withholding in box 4 on a 1099-R will be added to all other W-2 and 1099 withholding on the 1040 line 16 to offset any tax on line 15. If line 16 is more then 15 then that will be added to your refund.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**