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Can you help me with my last 1099r form?

Forum|Forum|7 years ago
June 3, 2019
6 replies
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I need help on my last 1099r entry. It's taxing the whole $7500, and I already paid taxes on at least $7000 of it. My financial advisor is telling me I should only have to pay taxes on the gain part of it. I don't know what to do to change the outcome.

TurboTax Deluxe Windows

Best answer by MichaelL1

OK, this is an early distribution from a Roth IRA. TurboTax will ask after the 1099R what the contributions were to this plan, and your answer should be what they were (which you said is around that $7,000 number in the answer).

When this is answered that will tax only the earnings of approx. $500 in this case.

Go back and Edit the 1099R entry and look for this question, as it has a very big impact on your taxable amount.

To edit pension and annuity Payments (1099-R)

Click on Federal Taxes
Click on Wages and Income
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the update button

MichaelL1

Employee

What code in in box 7? What amount is in box 2a as taxable? How did you pay taxes already in the $7K?

Z

zeppelinfordAuthor

J is in box 7 2a is blank and I paid taxes on it before it went in my 401k, and my financial person just moved it

Z

zeppelinfordAuthor

And 2b has an x by it

Z

zeppelinfordAuthor

I don’t see where to put that amount I only see the questions that it tells me to put that on my form

MichaelL1

Employee

right after the 1099R you will get a number of questions that follow and this is where you need to enter the $7K. let me know what screens you see.

MichaelL1Answer

Employee

OK, this is an early distribution from a Roth IRA. TurboTax will ask after the 1099R what the contributions were to this plan, and your answer should be what they were (which you said is around that $7,000 number in the answer).

When this is answered that will tax only the earnings of approx. $500 in this case.

Go back and Edit the 1099R entry and look for this question, as it has a very big impact on your taxable amount.

To edit pension and annuity Payments (1099-R)