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March 4, 2023
Question

IRA/SEP/SIMPLE

  • March 4, 2023
  • 1 reply
  • 0 views

Turbo Tax has added a withdrawal from a savings plan to what I received from  my pension because the box IRA/SEP/SIMPLE is not checked on the 1099R. I contacted the admi instructor of the savings plan but there has been no response. Does this affect my bottom line if I file my taxes with the plan's mistake?

    1 reply

    VolvoGirl
    Employee
    March 4, 2023

    It is right.  Only IRA plans go on line 4.  Pension and 401K and tsp go on line 5.   The gross amount on line 5a and the taxable amount on 5b (usually the same as 5a).  The taxable amount  on lines 4b and 5b both add to your total income and are taxed the same way.  So it doesn't affect the bottom line.