No, you aren't paying taxes twice.
Tax withheld is just an estimated advance payment of your taxes. The final tax amount can only be determined when you fill out your tax return. If too much tax was withheld, you'll receive a refund; otherwise, there'll be a tax due.
You have to enter that form 1099-R on your tax return.
You can enter your form 1099-R by following these steps:
- In TurboTax, open your tax return
- Click on the down arrow next toFederalin the left-hand column then onWages & Income
- Locate the sectionRetirement Plans and Social Securityand click on the down arrow on the right
- ClickStartnext to IRA, 401(k), Pension Plan Withdrawals (1099-R).
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February 7, 20247:38 AM
