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Anishka
February 22, 2025
Solved

Problem with 1099-R

  • February 22, 2025
  • 1 reply
  • 0 views

I had an RMD in 2024 from Fidelity for  $98,905.  I entered this amount on my Turbo Tax 1099-R form in Box 1 and in Box 2;  designating that the entire amount was taxable.  However later in the Turbo Tax review of my taxes the Gross Distribution is listed correctly as $98,905, but the Taxable Amount is listed on the Turbo Tax Program as $95,279.  I checked my data entry and it was correct.  How do I make the taxable amount equal 98,905.   Seems to be a program error since I did enter the data correctly.  HELP!!

Best answer by dmertz

Presumably this distribution is from a traditional IRA, indicated with code 7 in box 7 and the IRA/SEP/SIMPLE box marked.  If so, the taxable amount being less than the full gross amount distributed implies that you have basis in nondeductible traditional IRA contributions, a portion of which was applied on Form 8606 Part I to reduce the taxable amount.

1 reply

D
dmertzAnswer
Employee
February 23, 2025

Presumably this distribution is from a traditional IRA, indicated with code 7 in box 7 and the IRA/SEP/SIMPLE box marked.  If so, the taxable amount being less than the full gross amount distributed implies that you have basis in nondeductible traditional IRA contributions, a portion of which was applied on Form 8606 Part I to reduce the taxable amount.

    A
    AnishkaAuthor
    February 25, 2025

    Thank you! Thank you! Thank you!  

          Larry

     

          

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