Question

If I paid 9000 at the time of withdrawing $45000 from a 401 (k) from a previous employer, why am I having to pay more money in taxes?

Forum|Forum|2 years ago
April 14, 2024
1 reply
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TurboTax Deluxe Online

No, you aren't paying taxes twice.

Tax withheld is just an estimated advance payment of your taxes. The final tax amount can only be determined when you fill out your tax return. The taxes withheld serve as a credit against your tax liability. If too much tax was withheld, you'll receive a refund; otherwise, there'll be a tax due.

You have to enter that form 1099-R on your tax return.

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