How do I fill out the simplified method worksheet to figure out how much of my anuity payment is taxable... I do have the 1099-R which has a taxable amount but according to Turbo Tax, I have to pay more taxes even though I requested that when I pulled the $$ out of the annuity that they take out enough to pay the taxes. Only serious answers please.
2007-02-01 16:54:51 · 1 answers · asked by katje1783 1 in Business & Finance ➔ Taxes ➔ United States
If the 1099 already has a taxable amount on it, you use that and don't use the simplified worksheet - that's only used if the 1099 says taxable amount not determined.
As to taxes, the place handling the annuity wouldn't know what other income you might have, so wouldn't know how much to withhold except to withhold enough if the annuity is your only income. Or they might have just messed up. In any case, if not enough was taken out, you're stuck for the balance.
Good luck.
2007-02-01 17:03:46 · answer #1 · answered by Judy 7 · 0⤊ 0⤋