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Question

If i had a distribution of funds and paid 10% taxes on these funds should I get taxed additionally?

Forum|Forum|1 year ago
March 4, 2025
2 replies
0 views

No text available

Employee

Depends on your total income situation.

You get credit for the 10% withheld, but if the total distribution puts you in a higher tax bracket, then you may have to pay the difference....unless you had other withholding to cover it.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

Yes your return will report the tax, but you are not being taxed additionally.

The 10% withholding was just a prepayment of the tax you will incur on your return. When you report the distribution, the return will compute tax, and then your withholding will reduce that, in order to arrive at your balance due or overpayment for the year.