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

Gross receipts

Total business receipts reported on Schedule C or Schedule C-EZ before deducting adjustments for returns and allowances and cost of goods sold.

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