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Sure. why wouldn't you want to do that? You can claim the distribution as income and then the federal taxes as taxes you paid for the year. For all you know, maybe you got too much tax withheld from your distribution and can get a refund. The other thing is that these distributions are usually reported to the IRS and if what you stated as income doesn't match up with what they've received from employers, brokerages, etc, you could get audited.
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