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March 17, 2025
Question

I withdrew from my Ira but they took 10% for federal withholding tax. Where do I enter this information? I have a statement to prove it.

  • March 17, 2025
  • 3 replies
  • 0 views
It was through Inspira Financial LLC.

    3 replies

    Employee
    March 17, 2025

    The amount you had withheld will be on the 1099R you must enter.

     

    To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

     

     

    You had tax withheld from the distributions from the retirement account, just like when an employer withheld tax from your paychecks.  When you enter it all into the software, the calculations are done to reconcile the amount of income you received and the amount of tax that was withheld.  You might owe more or you might get a refund.

     

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
    DoninGA
    Employee
    March 17, 2025

    If the withdrawal was in 2024 then you received a Form 1099-R for the distribution.  In box 4 of the 1099-R will be the amount of federal taxes withheld.  This amount flows to your Form 1040 Line 25b.

     

    To enter, edit or delete a form 1099-R -

    Click on Federal Taxes (Personal using Home and Business)
    Click on Wages and Income (Personal Income using Home and Business)
    Click on I'll choose what I work on (if shown)
    Scroll down to Retirement Plans and Social Security
    On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

     

    Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R


    Online editions -

    On the screen Did you get a 1099-R in 2024? Click on Yes

    On the screen Let's import your tax info Click on Change how I enter my form
    On the screen How do you want to add your 1099‑R? Click on Type it in myself

    On the screen Who gave you a 1099-R? select the type of 1099-R you received and Continue

    March 17, 2025

    You should have received a form 1099-R for this IRA withdrawal.

     

    Federal tax withheld is reported on box 4 of the form 1099-R, and you enter it when you enter your form 1099-R. This would serve as a credit towards your tax liability.

     

    You can enter your form 1099-R by following the instructions in this TurboTax Help article.

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