- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
1099-R triggers a penalty for late payment of taxes
When I input a 1099-R, TurboTax does not ask for a date of distribution. It does ask for date(s) on estimated tax payments. So I took a large IRA distribution in December of 2021 and made an estimated tax payment at the same time. TurboTax wrongly assigns the large distribution as income for the full year and thus throws a penalty for late payment of taxes and it puts in the estimated tax coupons for the following year. Only way to trick it is to say I made the estimated tax payment in the first quarter.
There needs to be a "Date Received" spot on the input page of 1099s and calculated accordingly.
Topics:
March 23, 2022
7:22 PM