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Get your taxes done using TurboTax
5a and 5b are on the form 1040, not the 1099-R. You asked how to see if the taxable amount was being processed correctly and @DawnC told you to look at your form 1040.
If your 1099-R says that the taxable amount is zero then that is weird. You didn't pay taxes on the money that you put into the 457(b). So when you take it out you should have to pay taxes on it. Are you sure this is a 457(b) that the money is coming out of? Also, on the 1099-R, there is a little box that says 'taxable amount not determined'. If that box is checked then it's possible that the managers of your 457(b) plan are just being lazy. It's also possible that the money was rolled over into a traditional IRA instead of a Roth IRA.
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March 6, 2024
3:46 PM