Solved
1099-Q form box 2 and 3 are blank.How do I calculte earnins and basis?
No text available
From your own records. It's best explained by example.
Over the years, you put $10,000 in the account. $10,000 is you total cost basis. On 12-31-19, you account was worth $20,000. Earlier in 2019, you took a $5000 distribution (shown in box 1 of your 1099-Q).
Your cost basis is 40% of your total account; 10,000 / (20,000 + 5000) = 40%.
40% ($2000) of the $5000 distribution is basis and 60% ($3000) is earnings.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
