@amandaf730 wrote:
This section keeps "needing my review"
On my hard copy 1099-R form I received in the mail I don't have a 12a box. I only have a 12 box which is "FATCA filing requirement" and the box is not checked. I have a dollar amount in box 1 "gross distribution". I also have a dollar amount in box 14 witch is less then the amount in box 1.
Now on Turbo Tax "Check this Entry"
"Form 1099-R (Wells Fargo Clearing Services, LLC): Box 12a For electronic filing, New York State withholdings can not be greater than or equal to gross distribution or state distribution. " Then it says box 12a is the same dollar amount that is in box 14 which is way less than the gross distribution.
I don't know what to do because I don't have a 12a box on my hard copy. When I delete the amount in box 12a on my computer it drops by state refund down by $693!!
Please HELP
The IRS added 2 boxes the the 1099-R form for 2020. The old box 12-14 are now box 14-16. Evidently TurboTax has not changed the wording in the error message to reflect the new box numbers. It should say that box 14 cannot be greater then box 16. Simply a labeling issue.
Just make box 16 the same a box 1 to fix it - this is a NY software issue.
NOTE: prior to 2020 the state tax was in boxes 12-14, 2020 renumbered those boxes to 14-16.
Box 16 is not usually required because it has been an 1099-R industrial standard for many years that if there is only one state in box 14 & 15 then the box 1 amount does not need to be allocated between two states - the entire box 1 amount is understood to be the state distribution so box 16 is just left blank.
But recently, there are at least two states (one being NY) that will reject 1099-R's with a state tax and a blank box 16 so it is okay to enter the box 1 amount into box 16 to satisfy the states requirement.
**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.**
