Enough taxes withheld?

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Mark
Mark Member Posts: 3 Level 2
edited January 15 in General

 I get $1600/mo ssi. I withdrew $13000 from ira. I withheld 12% federal taxes. Will I owe anything. That's all the income I have.

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  • Henry
    Henry FreeTaxUSA Agent Posts: 86
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    Hi Mark! You should receive a notification when your question gets answered. Usually, an email will be sent to the email address that is linked to your FreeTaxUSA Community account.

    To answer your original question, the best way to find out if you will owe anything would be to login to our 2023 software and enter your information. The software will automatically calculate your taxes owed based on the information you provide. Since you only have a couple sources of income, it shouldn't take long, and you may find that you are actually due a refund of some of the federal taxes you had withheld.

    Supplemental Security Income (SSI) is not taxable income and does not need to be reported anywhere on your federal tax return.

    You can enter your income from the IRA by selecting Income > Common Income > Retirement Income (1099-R) from the menu bar. On the 1099-R screens, you will be prompted to account for any federal income tax that was withheld from the distribution in Box 4 of the 1099-R.

    The information you enter now will likely be an estimate since you probably won't receive your 2023 tax forms (such as Form 1099-R) until late January/early February of 2024. Be sure to come back once you receive your tax forms and update the information in your account to match what is reported on the forms. That way you can ensure you are filing an accurate tax return when the time comes.

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