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P
padwlewis
July 6, 2020
Question

If I paid federal taxes on a early retirement total distribution shouldn't that reflect the amount I have to pay?

  • July 6, 2020
  • 1 reply
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B
BillM223
July 6, 2020

I paid federal taxes on a early retirement total distribution

 

Actually, you had X dollars of tax withheld, you did not "pay" the tax yet. You pay the tax when you do your return.

 

The tax that is withheld is added to the pool of other tax withheld and estimated taxes paid (if any), and then all of that is applied to the tax you are assessed on your return.

 

If the amount of tax withheld on your 1099-R is included on line 17 of your 1040, then the system is working.

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