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February 1, 2025
Question

Why do I owe taxes when we had taxes withdrawn from retirement?

  • February 1, 2025
  • 1 reply
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Filed on ss income and retirement income. Had taxes withheld. Why do we owe?

    1 reply

    Employee
    February 1, 2025

    You had tax withheld from the distributions from the retirement account, just like when an employer withheld tax from your paychecks.  When you enter it all into the software, the calculations are done to reconcile the amount of income you received and the amount of tax that was withheld.  You might owe more or you might get a refund.

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**