Form 1099-R box 3 Capital Gain - how to report the amount in that box

Forum|Forum|3 years ago
February 13, 2023
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My mother passed away in 2022. She was born Feb of 1933 and I received a 1099-R from here retirement account under my Social Security#. I went through the process of answering the questions through TurboTax but I am still not sure. Here are the lines from 1099-R. I did not reinvest the money, I took the money out.

Box 1: $3578.00 (gross)

Box 2a: $2933.70 (taxable)

Box 3: $272.91 (Capital Gains)

Box 4: $587 (Fed W/H)

Box 5: $644.30 (employee contrib/design roth/Insurance

Box 7: 4A

Nothing appears on the Capital Gains on Form 1040 and nothing indicates if I qualify for the 10 year tax option. Do I have to manually enter box 3 $273.00 Capital Gains on Schedule D, if so which line would I transfer this number to.

Thank you in advance for your assistance.

TurboTax Home & Biz Windows

Best answer by GeorgeM777

No, the capital gain amount is included in the gross distribution. Therefore, you will not be separately entering the capital gain amount on your Schedule D. The gross amount of $3,578 should appear on your Form 1040, line 5a; however, the taxable amount of $2,933 should appear on line 5b. The withholding amount of $587 should appear on line 25b.

If you are using TurboTax online, you can view your Form 1040 (before paying the TurboTax fee) by following these steps:

Open or continue your return.
Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
With the Tax Tools menu open,
Select Tools.
Next, select View Tax Summary in the pop-up.
Then Preview my 1040 in the left menu.
To get back to the step-by-step instructions, just click Back in the left margin.

@taxesohmy2017

G

GeorgeM777Answer

No, the capital gain amount is included in the gross distribution. Therefore, you will not be separately entering the capital gain amount on your Schedule D. The gross amount of $3,578 should appear on your Form 1040, line 5a; however, the taxable amount of $2,933 should appear on line 5b. The withholding amount of $587 should appear on line 25b.

If you are using TurboTax online, you can view your Form 1040 (before paying the TurboTax fee) by following these steps:

Open or continue your return.
Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
With the Tax Tools menu open,
Select Tools.
Next, select View Tax Summary in the pop-up.
Then Preview my 1040 in the left menu.
To get back to the step-by-step instructions, just click Back in the left margin.

@taxesohmy2017

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taxesohmy2017Author

Employee

thank you very much. I had box 1 and box 2a appearing on the correct line on my Form 1040. I read that box 3 Captial gain was included in box 2a, I just wasn't sure if additional entry was required. Thank you again. Enjoy the rest of your day.