Retirement tax questions

You should have received a 1099-R for that.  IF you didn't, call the Ins Co and get one.

 

You just enter the 1099-R as you see it.   Bothe numbers go into the software form..

From what you posted here, there will likely be 12K into box 1 and 4k into box 2a, and probably 8k into box 5, but you need to enter whatever is on your paper 1099-R.....along with any other entries you see on the form, especially the box 7 code.

 

Yes, only the 4k of $$ in box 2a should end up being the taxable income....but that is dealt with by the software as long as you enter the 1099-R as-is, and properly answer all of the follow-up questions after the main form during the interview for the 1099-R.

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BUT, you need to wait a week or two for the Amended software forms to be finalized.....they are not really ready yet....and could be delayed further with all the COVID legislation affecting all kinds of stuff.   Don't rush it.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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