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January 30, 2025
Question

Taxes paid when withdrawing IRA funds (RMD)are not mentioned anywhere

  • January 30, 2025
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    January 30, 2025

    When you withdraw your Required Minimum Distribution (RMD) from your IRA, any taxes withheld should indeed be listed on your Form 1099-R. Here’s a quick breakdown:

    1. Box 4: This box contains the federal income tax withheld.
    2. Box 14: This box contains the state income tax withheld.

    If you had taxes withheld and they are not listed on your Form 1099-R, you should contact the financial institution that issued the form to get the correct information. For more details, you can refer to the IRS instructions for Form 1099-R.

     

    To enter a 1099R in TurboTax and complete information related to RMD:

     

    1. Be sure you are logged into TurboTax
    2. Then click on this link 1099-R and proceed to answer the questions.