taxed again on my 401k distribution?

Barton Slisz: Yes you need to show it on your return. The amount withheld was just an estimate. You'll show the withholding on your return also, and get credit for it against whatever you end up owing.

Vince Delarge: It depends. You may need to pay some additional taxes on it if you do not meet some of the special requirements in publication 575. Without knowing more information about your situation this is the best answer I can give you. If you want, check out more information on the links I am putting below.

Kandi Lough: You didn't pay taxes on it when you took the distribution. 20% was withheld towards federal income taxes, exactly the same way that federal income tax is withheld from your wages.You include the entire distribution in your taxable income. Your total income determines how much tax you'll pay. The tax withheld is added to the taxes withheld on box 2 of your W-2s. If you were under age 59 1/2 at the time of the distribution (or under 55 ! in some cases with a 401(k)) there will be an additional 10% penalty for early withdrawal....Show more

Torri Tippey: It must be included on your tax return as reflected on the 1099-R you received. You are not being "double taxed" on it. The 1099-R will also show the tax withholding done at the time of the distribution.

Carmina Stickney: You include it on your return. You get credit for taxes withheld.

Florencia Manolakis: You are being taxed for the first time on the tax return.The taxes shown on the 1099-R are withholding. Usually it is not enough to cover the tax.

Vern Serratos: You didn't pay taxes on it when you withdrew it, you had taxes taken out when you withdrew it. yes, you need to include it in your total income and pay taxes on it for the first time. The taxes you had withheld will help pay the taxes you owe on it.

Coleman Senn: The money that was taken out at the time of distribution was a payment toward the taxes you will owe ! on it just like money taken from a paycheck is a payment towar! d your taxes for the year. You need to include the distribution on your income tax return in order to compute the actual amount of tax due and the early withdraw penalty (if applicable). That amount is added to your tax liability. The withholding is added to your total payments, and your refund (or amount owed) changes based on whether the original withholding was more or less than the actual tax liability....Show more

Malcom Bourek: No.

Salvatore Walls: there is a difference between taxes withheld and what your tax liability (and penalty) will beyou had taxes WITHHELD on the withdrawal - that amount might NOT cover all the taxes and penalty you will owethey usually withhold 20% for taxes, but if you top tax bracket is 25%, then you are going to owe an additional 5% in taxes PLUS the 10% early withdrawal penaltyof if you are only in the 10% tax bracket, you might be fully covered...Show more