1099-r

Forum|Forum|1 year ago
February 28, 2025
4 replies
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I have entered mu 1099-r into turbo tax and it is not picking up on the taxes that were withheld. It is also not saving that I took the funds out after I was the age 59.5 years old

BillM223

Please tell us your age at the end of 2024, and tell us what was in boxes 1,2a, 4, 7, and if the IRA box was checked.

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1099r issueAuthor

my age at the end of 2024 is 59 and 11 months

box 1 & 2a is the $$ amount I pulled from my IRA

Box 4 the amount i held back in taxes which is 10%

Box 7 = 7 and yes it has an X in the box to its right

SteamTrain

Employee

Well, the box 2a amount will be the taxable amount on line 4b of the form 1040. (plus the taxable amount of any other IRA 1099-R forms you entered)

And as long as the exact same box 4 value is in "Software's" box 4 entry for that 1099-R form, then you most certainly got Federal credit for having paid it. Of course, the 10% withheld may have been less than the eventual tax applied, based on your total income...so you may still owe the difference. Like, if your income is already in the 22% tax bracket, you'll owe another 12% on the 2a value......or even more if you are in a higher tax bracket.

Just make sure the box 1, 2a, and 4 values on your paper form are the same as what you see on the software's 1099-R form for that Payer.

_______________________

Still don't trust it? then delete that 1099-R form entirely, and re-enter it entirely manually.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

SteamTrain

Employee

@1099r issue

Especially if you uploaded a PDF or Picture of your 1099-R form?

.......it is absolutely CRITICAL, that you EDIT every 1099-R form you entered that way and check every box against your paper form.......Because the AI that interprets that PDF/Picture upload will commonly enter stuff in the wrong place.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

BillM223

"It is also not saving that I took the funds out after I was the age 59.5 years old" Now I understand what you meant.

Every time you go back to the screen "Money received before age 59 1/2", it's checked as Yes, even though you had marked at as No before.

This behavior confuses taxpayers, as you can imagine. Your No answer was preserved in TurboTax until you returned to that screen, then you have to answer No again.

There are a few screens like this in TurboTax. It has to do with the philosophy that some questions are so important that they need to be answered every time.

You can prove that TurboTax is keeping your No answer by checking No and seeing the Refund Meter change (if you can see the Meter), then go back and let it be Yes - you should see the difference.

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Williek

Same here my 1 1/2 hour tax job took seven days of reworking, bitching, complaining, yelling at the wife till I deleted it...my neighbor gave me a license for his Home and Business version and it went right through even though it entered my 1099r twice which I caught...there soft ware sucks