This year I inherited a large sum if money when a relative passed away. On my 1099R I can see a a chunk of money was withheld for Federal and state taxes. However it is still saying I owe a good chunk to Federal while filing my taxes. Is this normal? I know that they dont withhold the full amount needed but it drove my amount owed up quite a bit.
Not exact number but to give you an idea:
Around 5000 withheld but i still owe about 7000
I would have thought the withheld amount would at least be close to what id actually owe
Posted by reginaldvanwilder