Solved

1099-R

Forum|Forum|5 years ago
February 28, 2021
1 reply
0 views

I received a 1099-R from a litigation settlement of a fund that is in my 401k. The boxes filled in are (1) Gross distribution; (2b) Taxable amount not determined is checked; (4) Fed Income Tax W/H; (7) Distribution Code, which is filled in with a 7; and (15) State. When I fill out the Turbo Tax 1099-R with the numbers on the 1099-R, I continually gat a "Needs Review." Some experts have told me to put the gross amount in Turbo Tax on Line 5a, and then zero on 5B, but the t=Turbo Tax form only has a line 5, and my 1099-R only has a line 5. Can anyone help?

Best answer by macuser_22

@ken272727 wrote:

I received a 1099-R from a litigation settlement of a fund that is in my 401k. The boxes filled in are (1) Gross distribution; (2b) Taxable amount not determined is checked; (4) Fed Income Tax W/H; (7) Distribution Code, which is filled in with a 7; and (15) State. When I fill out the Turbo Tax 1099-R with the numbers on the 1099-R, I continually gat a "Needs Review." Some experts have told me to put the gross amount in Turbo Tax on Line 5a, and then zero on 5B, but the t=Turbo Tax form only has a line 5, and my 1099-R only has a line 5. Can anyone help?

Is there a dollar amount of state tax withheld in box 14? If not, then all boxes 14-16 must be BLANK.

macuser_22Answer

Employee

@ken272727 wrote:

I received a 1099-R from a litigation settlement of a fund that is in my 401k. The boxes filled in are (1) Gross distribution; (2b) Taxable amount not determined is checked; (4) Fed Income Tax W/H; (7) Distribution Code, which is filled in with a 7; and (15) State. When I fill out the Turbo Tax 1099-R with the numbers on the 1099-R, I continually gat a "Needs Review." Some experts have told me to put the gross amount in Turbo Tax on Line 5a, and then zero on 5B, but the t=Turbo Tax form only has a line 5, and my 1099-R only has a line 5. Can anyone help?

Is there a dollar amount of state tax withheld in box 14? If not, then all boxes 14-16 must be BLANK.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**