Will taking out annuity $ hurt me with IRS and/or City & State?

Hi. I make almost $38K I have no dependents and claim single 0 and have an extra $8 taken out for city/state bi-weekly. This year I made 2 withdrawals on my annuity. One was for $6,657.80 and paid $1,331.50 tax on that. The other was a $3,000 withdrawal and paid $600. tax on that. Will I get money back when I file in January?

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  • 6 months ago

    "paying in or getting back" is a function of your withholding vs your tax liability. {At S-0 my guess is you will get $ back.}

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  • 6 months ago

    Probably, yes. The IRS takes out what they THINK they need from all your income, which is typically more than you actually owe, and they pay the difference the next year. I don't know how MUCH you'll get back, but yeah you'll probably get a little more back depending on what other taxes you'll owe

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