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January 29, 2025
Question

In box 4 of my 1099-R, it is listed that I withheld $700 from the taxable amount of $7000.00. Now I am being taxed for that 10% again in Turbotax. Am I being taxed twice?

  • January 29, 2025
  • 1 reply
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    1 reply

    CatinaT1
    January 29, 2025

    No. The 10% you are seeing is likely an early withdrawal penalty. This is in addition to income tax. 

     

    Are you under 59 1/2?

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