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Question

why are my 1099 withholdings being added in with my total income for the year?

Forum|Forum|1 year ago
February 19, 2025
1 reply
0 views

i moved money from an ira to a roth ira and paid the taxes for the move out of my ira. i got a 1099 for the withholdings and they are listed as such on my return but that tax amount i paid is being added into my total income for the year so i'm being taxed on the tax money?

You are not being taxed on the tax money. You are taxed on the gross amount of the conversion.

For example, you converted $100k and you had tax withheld of $20k. $80k is credited to your Roth IRA, but you pay taxes on $100k.

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