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When you file your taxes next year with the IRS, you will report what was withheld as tax previously paid on the distribution (70,000-56,450). You will not be taxed again. However, the amount withheld is an estimate. The actual tax tax may be higher or lower depending on your tax situation. The amount they withheld of 13,350 is an estimate to be applied against the actual tax you owe.
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