• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

IRA Early distribution

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

M

mtaro1979

Guest
I live in California, I have an IRA in which I withdrew 12,000..why is income withheld showing 0 on my 1099-r??
 


L

loku

Guest
Although employers are generally required to withhold taxes on IRA distributions, which they believe are includible in gross income, they do not have to withhold if they give the distributee certain notice relating to your electing not to have withholding. If your employer did give you that notice, then there was no requirement for withholding.

As a practical matter, if the employer did withhold any tax, you should get the 1099 changed. Otherwise, you will have to pay the tax.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top