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March 28, 2025
Question

Confusion of multiple IRA accounts

  • March 28, 2025
  • 1 reply
  • 0 views

I converted 403(b) funds to annuities. Those annuities reported distributions on 1099-R with the IRA / SEP / SIMPLE box checked. TurboTax is confusing those distributions with my Traditional IRA and reducing the nondeductible basis of the Traditional IRA. This is avoided if I uncheck the annuity1099-R boxes, but is there another solution?

    1 reply

    fanfare
    Employee
    March 28, 2025

    Are you saying you getting funds from that annuity?

    What type of account holds the annuity?

     

    If your IRA/SEP/SIMPLE box is checked, You have to show it on your return

    You no longer have a 403b and the IRA taxable amount will consider your basis.

     

    @wmoersch