Submitted By: someone
Answered: June 18, 2018 10:52 pm

When I took a distribution from my employer’s retirement plan, taxes were withheld. Can I deduct these taxes?

Federal income taxes withheld from a retirement plan distribution, which are listed in box 4 of Form 1099-R, are claimed as a credit on your return against the taxes you owe; they’re reported as taxes that you’ve already paid for the year.

advertisement
Tax Glossary

Depreciation

Writing off the cost of depreciable property over a period of years, usually its class life or recovery period specified in the tax law.

More terms