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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
Passive activity loss rules
Rules that limit the deduction of losses from passive activities to income from other passive activities. Passive activities include investment rental operations or businesses in which you do not materially participate.
