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

Keogh plan

Retirement plan set up by a self-employed person, providing tax-deductible contributions, tax-free income accumulations until withdrawal, and favorable averaging for qualifying lump-sum distributions.

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