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Submitted By: someone
Answered: June 18, 2018 10:52 pm
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.
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Tax Glossary
Adjusted basis
A statutory term describing the cost used to determine your profit or loss from a sale or exchange of property. It is generally your original cost, increased by capital improvements, and decreased by depreciation, depletion, and other capital write-offs.
