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.

Ask JK

Most Popular

Ask JK

Advanced

Is income averaging still available? 24.9k views
Where do I report income from my corporation on Form 1040? 12.4k views
I paid a convenience fee when I charged my property taxes. Can I deduct this fee? 7.6k views
I sold some municipal bonds at a loss. Can I deduct the loss? 7.2k views

Featured Books

JK Lasser's New Rules for Estate, Retirement, and Tax Planning, 6th Edition

Stewart H. Welch, III, J. Winston Busby

$24.95

Learn more

View all books Next Book

Tax Glossary

Itemized deductions

Items, such as interest, state and local income and sales taxes, charitable contributions, and medical deductions, claimed on Schedule A of Form 1040. Itemized deductions are subtracted from adjusted gross income to arrive at taxable income. The amount of itemized deductions is also subject to a reduction when adjusted gross income exceeds certain limits.

More terms Next Term