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June 6, 2019
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Why doesn't turbotax show the reduced amount of my closed IRA account show on Form 1099-R? Federal tax was withheld before I closed the account.

  • June 6, 2019
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I closed out my IRA in full and had Federal Tax withheld. I placed the 1099-R form amounts turbotax but at the end turbotax shows only Box 1 info but no Box 4 info (withholding). Why? I do not want to be taxed twice on the early withdrawal on this account.

Best answer by dmertz

Any amount that you entered in box 4 will be combined with your withholding from other sources and shown on Form 1040 line 64 or Form 1040A line 40 as a credit against your overall tax liability.

1 reply

dmertzAnswer
Employee
June 6, 2019

Any amount that you entered in box 4 will be combined with your withholding from other sources and shown on Form 1040 line 64 or Form 1040A line 40 as a credit against your overall tax liability.