Skip to main content
June 4, 2019
Solved

I withdrew 6,000 from my IRA but my 1099r box 2b says "Taxable amount not determined" i was told i would pay 15% of what was withdrawn on my taxes. How do i submit this.

  • June 4, 2019
  • 1 reply
  • 0 views
No text available
    Best answer by Coleen3

    Usually, the reason that box is marked on an IRA, is because the custodian does not know the information. Enter the 1099 exactly as it is and the program will handle it for you. If box 2 is blank, leave it blank. If this income along with the rest of you income falls into the 15% tax bracket that is what you'll be taxed.

    However, you must consider the code in box 7. If it is a 1 (one), then that means you withdrew the money before retirement age and there is a 10% penalty attached. There are however exceptions available and they will also be in the program. You can see if any apply to you. See the screen shot below.

    1 reply

    Coleen3Answer
    Employee
    June 4, 2019

    Usually, the reason that box is marked on an IRA, is because the custodian does not know the information. Enter the 1099 exactly as it is and the program will handle it for you. If box 2 is blank, leave it blank. If this income along with the rest of you income falls into the 15% tax bracket that is what you'll be taxed.

    However, you must consider the code in box 7. If it is a 1 (one), then that means you withdrew the money before retirement age and there is a 10% penalty attached. There are however exceptions available and they will also be in the program. You can see if any apply to you. See the screen shot below.