Retirement tax questions
@Thomas S wrote:
One of the tax documents I have to enter is a CSF 1099-R Survivor Annuity. Line 1 on the form is the “Gross distribution” and has an amount shown on that line. However, Line 2a, “taxable amount”, is blank. Since there are “Total Employee Contributions” on Line 9b, the “Simplified Method” must be used to determine how much of the “gross distribution” is taxable and how much is simply a distribution of the employee’s own contributions and, therefore, tax-free. This calculation had worked flawlessly since this annuity began in 2002. And it worked this year up until this last TurboTax software update on Thursday, 3/18/21. Now TurboTax says that the entire gross distribution on Line 1 is not taxable. This is not correct. I tried deleting the CSF 1099-R and then reentering it but no luck. Same wrong answer. No matter what I seem to do, I cannot get TurboTax to calculate and apply the “Simplified Method” to this pension annuity like it used to.
Anybody else seeing this? Is TurboTax aware that this error now exists when it didn’t before?
I do not know of any change to this interview.
