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.

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Tax Glossary

Dividend

A distribution made by a corporation to its shareholders generally of company earnings or surplus. Most dividends are taxable but there are exceptions.

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