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Retirement tax questions
- What is the code in box 7 of the Form 1099-R provided by the payer?
- Is the IRA/SEP/SIMPLE box marked?
- Which of the two box 2b boxes is marked?
Unless this is a regular distribution from a traditional IRA, if box 2b Taxable amount not determined is marked, box 2a should be blank.
If this is a distribution from a traditional IRA reported with code 1, 2 or 7 in box 7 and with the IRA/SEP/SIMPLE box marked, the amount in box 2a is required to be the same as the amount in box 1. Then, if you have basis in nondeductible traditional IRA contributions, the taxable amount is calculated on Form 8606. Be sure to click the Continue button on the Your 1099-R Entries page and answer the questions that follow so that TurboTax can properly prepare Form 8606.
‎January 11, 2021
5:08 PM
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