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Get your taxes done using TurboTax
My form has '4' in box 7 and no other codes. I did check the inherited IRA box. This is not nominal tax. My nominal tax rate is 15.1 % without the 1099 R distribution income added and 15.9% with the 1099R distribution income added.
If I remove the 1099R altogether my tax liability goes down by an amount equal to the 1099R distribution times the 25%. Coincidence? I don't think so.
I'm not an IRS expert but I am by no means oblivious to taxes as I have been doing them for myself and others for over 27 years.
ā€ˇFebruary 27, 2024
9:55 AM