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February 26, 2025
Question

I withdrew money from an ira to my bank and paid federal and state taxes on the money, where do I enter it on the income and taxes paid?

  • February 26, 2025
  • 2 replies
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    2 replies

    February 26, 2025

    You should receive a form 1099-R for the withdrawal.

     

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

     

    Make sure that Federal tax withheld is entered in box 4. If there is state tax withheld, enter it in box 14.

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    DoninGA
    Employee
    February 26, 2025

    On the Form 1099-R that you received, the federal income taxes withheld are shown in box 4.  Any state income taxes withheld are shown in box 14

     

    The federal taxes flow to the federal tax return Form 1040 Line 25b.

    The state taxes withheld flow to your state tax return.

     

    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