Question

Form 1099R

Forum|Forum|3 years ago
March 18, 2023
2 replies
0 views

I have a 10099 R form that has gross distribution but I took some of annuity out early. has code 7 in one box How do I enter figures to get correct cost basis? how do I make the correct entry come our on the correct line on schedule 1?

thanks din advance

DawnC

Employee

Enter your 1099-R exactly how you see it. There will be follow-up questions after you enter them. The gross amount will show up on 4a or 5a and the taxable portion (TurboTax will figure this out based on your entries) will show up on 4b or 5b, depending on what type of account the funds were withdrawn from. Instructions are here.

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B

barbaralong1Author

TY for your reply. But alll of the other boxes are empty

DawnC

Employee

Have you entered the form in TurboTax? Not all of the boxes will have entries; enter the same information that is on your form. What boxes are filled out?

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E

ErnieS0

You’ll need to calculate your cost basis and the non-taxable portion of your annuity outside of TurboTax and enter the taxable amount in Box 2a.

Your annuity provider may be able to help you.

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B

barbaralong1Author

Thank u for your reply. How do I calculate the cost basis. I thought the program would do that for me if the easy step questions prompted me to enter that information. Was I supposed to get a 1099 OID? I do know what I invested and the 1099 tells me what I took out I didn’t take it all out. I have a $11K surrender fees.
So sorry for the confusion on my part. Thanks