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October 4, 2023
Question

1099-R Taxable amount different on TT calcs

  • October 4, 2023
  • 2 replies
  • 0 views

I am a medically retired Peace Officer in CA.  my 1099-R has 42k line 1 entry and 2900 in line 2a.  

On my return, TT has calculated that 31k is taxable.  Is this correct?

    2 replies

    Critter-3
    October 4, 2023

    Did you enter the 1099-R as written on the form ?  Was the box 2b checked ?  I would delete the 1099-R and reenter it manually  and do not check box 2b this time ... that way the program will accept the taxable 2a amount. 

    JohnMLAuthor
    October 4, 2023

    I entered. exactly as shown.  No boxes checked in 2b and 3,4,5 are 0.00

     

    DoninGA
    Employee
    October 4, 2023

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

    Employee
    October 4, 2023

    It's odd that the Form 1099-R would have only $2,900 in box 2a when there is $0 in box 5 (unless the Form 1099-R has code 8, P or E in box 7, although with any of these codes there is no way to cause TurboTax to determine the taxable amount to be anything other than the amount in box 2a).  I would expect this Form 1099-R to have the amounts in boxes 2a and 5 that sum to the $42,000 in box 1.  I would ask the payer how they determined that less then the full amount is taxable and why the difference is not present in box 5.