Question

IRA Distributions

Forum|Forum|6 years ago
January 3, 2020
2 replies
0 views

The correct Taxable amount from my Trad IRA is not being transferred to 1040, some other higher amount is being transferred. I'm using TT2019

TurboTax Deluxe Windows

X

xmasbaby0

Employee

Do you mean you imported it and it is not correct--not matching the printed copy of the 1099R? Do you already have a 2019 1099R? Be careful when you import data--check it for accuracy and make corrections if necessary. Mistakes can occur from the institution you import it from.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

J

JoeBanAuthor

I have my 1099R & inputted the info manually. When I viewed the 1040 form in TT the taxable income does not match with the 1099R

VolvoGirl

Employee

On what line? If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 form and make sure it's right.

J

JoeBanAuthor

I have my 1099R & inputted the info manually. When I viewed the 1040 form in TT the taxable income does not match with the 1099R.

D

dmertz

Employee

What is the code in box 7 of the Form 1099-R provided by the payer?

Is the IRA/SEP/SIMPLE box marked?

Did you roll any of this distribution over to another retirement account?

Was any of this distribution a Qualified Charitable Distribution or an HSA Funding Distribution?

The taxable amount of a regular traditional IRA distribution that you did not roll over or treat as a QCD or HFD is the entire amount unless you have basis in nondeductible traditional IRA contributions. If you have basis in nondeductible traditional IRA contributions, the taxable amount of the distribution is determined on Form 8606 Part I and the resulting taxable amount would be less than the full amount of the distribution.

If you are seeing more than the box 1 amount for the Form 1099-R being included on Form 1040 line 4b, the additional amount must be coming from a different Form 1099-R that you entered.