@rjp123 wrote:
Hi BillM223,
So, it's 2021 now and I received a "2020 Form 1099-R" that shows the earnings on the excess. I created a 1099-R in TT & entered the information from the "2020 Form 1099-R" that I received & saved it. However, my overall earned income did not increase by the amount in the Taxable Amount (Box 2a)?? What do I have to do to get TT to increase my overall earned income by the amount in the Taxable Amount (Box 2a)?
Any Help would be appreciated,
rjp123
Box 2a is not "earned income", but it is taxable income and when entered should be on the 1040 form line 4b.
Did you enter the 1099-R in the proper place?
Enter a 1099-R here:
Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).
OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.
Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.
[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
