1099R

Forum|Forum|1 year ago
April 1, 2025
2 replies
0 views

My mother has a 1099R that shows a taxable amount of $95. The total distribution was $15,095. The code is 7D. This is an annuity investment my mother made in my deceased father's IRA account. She put $15,000 into the annuity two years ago, and it matured in 2024. Turbo Tax is showing the entire amount as taxable instead of the $95. Anyone know anything about this?

KrisD15

It shouldn't.

Please go back through the entry and make sure you entered 15,095 in box 1 and 95 in Box 2a. Select both Codes, 7 and D.

The IRA/SEP/SIMPLE box should not be checked.

Only the taxable amount (95) should be listed on the 1040 line 5b.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

debbiedmcleodAuthor

I have rechecked all of it several times, and everything is entered correctly. I just deleted the first and redid it. It still shows that the entire amount is taxable.

KrisD15

Does the program ask if the IRA was inherited?

Are you looking at Form 1040 to see if it is being reported as taxable?

Is the IRA/SEP/SIMPLE box checked?

Here is how to look at the 1040 using TurboTax Online

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

dmertz

Employee

Examine Form 1040. The entire $15,095 is considered to be income, but if only $95 is in box 2a of the Form 1099-R, you should be seeing only the $95 of taxable income being included on Form 1040 line 5b. Also, box 5 of the Form 1099-R should have $15,000 in it. Check to see that all of the boxes on TurboTax's Form agree with those on the Form 1099-R provided by the annuity company. Make sure that you have not marked the IRA/SEP/SIMPLE box; the code D indicates that this is not a distribution from an IRA annuity.