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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
Appreciation in value
Increase in value of property due to market conditions. When you sell appreciated property, you pay tax on the appreciation since the date of purchase. When you donate appreciated property held long term, you may generally deduct the appreciated value.
