should income tax withheld in box #4 on form 1099-R be calculated on line 62 of Tax form 1040

Yes, thats correct, the Federal income tax that is withheld on Form 1099-R is entered on Page 2, Line 62 of the Individual Income tax return. This federal income tax reported on Box 4 reflects the amount of federal income tax withheld from your Form 1099-R.

Clearly, this will help you to offset any potential income tax liability resulting from the income that is reported on Form 1099-R.

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