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Why is TT calculating tax based on gross distribution and not taxable amount. 1099R correctly shows gross, taxable and NUA amounts from company stock distribution.
I took a distribution of company stock from my 401k in order to receive favorable NUA tax treatment. My 1099R correctly shows the gross distribution (box 1), taxable amount (cost basis of stock - box 2a) and NUA value (box 6). However turbotax is calculating the tax based on the gross distribution and not the taxable amount. Is there a different way I need to input this data into turbotax to have the tax calculated on just the taxable amount shown in box 2a?
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March 18, 2021
9:31 AM